Shares of trucker YRC Worldwide (YRCW) are soaring this morning after the company late Friday announced that the majority of YRC employees represented by the Teamsters has ratified a modified labor contract that includes a 5% incremental wage reduction and an 18-month cessation of contributions to the union pension fund. The company said the plan twill save $45 million a month.
The company also said it signed a sale and leaseback deal to sell certain facilities to NorthAmerican Terminals Management Inc. The aggregate sales price is about $81 million. YRC said sale and financing leaseback transactions are now expected to generate $375 million in cash and that excess property sales this year should generate over $100 million.
YRCW today is up 55 cents, or 24.3%, to $2.81.
No comments:
Post a Comment