William B. Cassidy | Nov 01, 2010 7:31AM EDT
Teamster employees at YRC Worldwide approved extended wage, benefit and pension cuts to give the financially troubled trucking giant another shot at survival.
According to a preliminary ballot count announced over the weekend, 62 percent of more than 23,000 YRC Teamsters voted to accept the union-management restructuring plan.
At national less-than-truckload carrier YRC and regional LTL carrier Holland, Teamsters ratified the agreement by a 62 percent to 38 percent margin.
At regional carrier New Penn the margin was even greater, with 69 percent of employees backing the plan, according to the Teamsters union. YRC had said it might fold the separate New Penn operation into the rest of the company if the labor unit there did not approve the concessions.
The plan extends wage and benefit cuts the Teamsters accepted last year until March 2015 and makes deep cuts in future YRC pension contributions.
Without the plan, YRC Worldwide would have been forced to resume full pension contributions in January, threatening its survival beyond late 2011.
Contact William B. Cassidy at wcassidy@joc.com
