Strike at trucking firm Yellow averted after deal

[Eugene]

Source: Reuters

Strike at trucking firm Yellow averted after deal

Reuters
July 23, 2023 5:38 PM EDT Updated 4 hours ago

July 23 (Reuters) - U.S. trucking firm Yellow (YELL.O) averted a threatened strike by 22,000 Teamsters-represented workers on Sunday, saying the company will pay the more than $50 million it owed in worker benefits and pension accruals.

"Agreement by the Central States at the urging of the Teamsters gives Yellow 30 days to pay its bills with the understanding the company will do so within the next two weeks," Teamsters union said on Sunday.

Yellow is the third-biggest U.S. trucking company specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer.

Its customers include large retailers like Walmart (WMT.N) and Home Depot (HD.N), manufacturers and Uber Freight, some of which have paused cargo shipments to the company for fear those goods could be lost or stranded if the carrier goes bankrupt.

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Read more: https://www.reuters.com/business/autos-transportation/strike-trucking-firm-yellow-averted-after-deal-2023-07-23/

Non-paywalled link: https://news.yahoo.com/strike-trucking-firm-yellow-averted-213838076.html