GLG News Analyses of the following article:
Teamsters Consider Extra 5 Percent YRC Worldwide Pay Cut
Published at: www.bizjournals.com
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John SchulzIndependent Analyst - Contributing EditorLogistics Management Magazine
Will $900 Million a Year Savings Be Enough For YRC Worldwide?
July 15, 2009
YRC Worldwide's 50,000 Teamsters employees are being asked to approve an additional 5 percent wage cut as well as an 18-month freeze in the company's pension contributions. This comes on top of a 10 percent wage cut already approved by the YRC workers. Combined, these two givebacks are estimated to save YRCW approximately $900 million annually as the debt-laden company fights for survival.
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