YRC Ends Contract Extension with International Association of Machinists
YRC Worldwide (NASDAQ: YRCW) announced today that it is ending a contract extension with the International Association of Machinists (IAM), effective April 15. While the company will continue to talk with the IAM, the lack of significant progress in the negotiations led to the action. Of the company's 32,000 employees, less than one-tenth of 1 percent is represented by the IAM. The company has contingency plans in place to ensure there is no interruption of its operations or disruptions in customer service after April 15. The contract with IAM employees originally was scheduled to expire on March 31, 2013. Negotiations have continued during a mutually agreed-upon extension of the contract. To date, the IAM has refused to accept the same shared-sacrifice measures that all other union and non-union employees of YRC Worldwide have accepted.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.