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The International Brotherhood of Teamsters formally endorsed a contract agreement with YRC Worldwide (YRCW), the union announced last night. The endorsement means that the national organization is recommending approval of the contract by the local freight unions.
"The worst economic recession since the Great Depression continues to batter the trucking industry and threatens our YRCW members' jobs," said Tyson Johnson, Teamsters Freight Division director and co-chairman of the Teamsters National Freight Industry Negotiating Committee (TNFINC). "While we recognize that this plan contains economic and work-rule concessions that are difficult to accept, members need to fully understand that if this NMFA (National Master Freight Agreement) modification is rejected there is no doubt this company will go out of business. This plan is far from perfect, but it will allow more than 25,000 Teamster families to continue to earn a paycheck, maintain healthcare coverage and preserve their pension benefits."
YRCW's (NASDAQ: YRCW)...