July 10, 2009 (FinancialWire) — YRC Worldwide Inc. (NASDAQ: YRCW) said it has reached a tentative agreement with the International Brotherhood of Teamsters leadership to modify the terms of the current labor agreement for its employees covered by the National Master Freight Agreement.

The proposed changes are designed to reduce the company’s cost structure and preserve operating capital, according to YRC. Details surrounding the tentative agreement are scheduled to be available next week following further discussions with labor leadership.

YRC said that the modified agreement will be voted on by the company’s employees who are represented by the IBT.

Overland Park, Kansas-based YRC Worldwide is a transportation service provider and the holding company for a portfolio of brands including YRC, YRC Reimer, YRC Logistics, New Penn, Holland, Reddaway and YRC Glen Moore.

YRC Worldwide employs around 49,000 people.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.