OVERLAND PARK - Union employees at YRC Worldwide Inc.'s freight divisions approved 10 percent wage cuts to save the troubled trucking firm up to $250 million a year.
In exchange, the employees represented by the Teamsters union
will get a 15 percent stake in YRC.
The Overland Park-based company made the announcement today.
YRC shares rose 18 cents, or 4 percent, to $4.68 in regular
trading. Shares then gained another 32 cents, or 6.8 percent, to $5
in extended trading after election results were announced.
Trucking companies have been hit hard by the recession as
companies cut back on the amount of goods they ship.
The union says the contract changes were approved by a 77-to-23
percent margin, with more than 75 percent of the workers casting