Yellow

A potentially company-ending strike at Yellow Corp. was averted when the union says its Central States Health and Welfare Fund agreed Sunday to extend health care benefits for workers at Yellow subsidiaries YRC Freight and Holland.

Yellow Corp. is withholding approximately $50 million in pension contributions to the Teamsters Central States pension fund because it says Teamsters’ leadership is causing “obstruction” to the company’s major change of operations. That is causing what Yellow calls a “liquidity crisis” and the need to implement cash-conservation measures, including its benefit funding deferral request.

With the possibility of Nashville-based Yellow Corporation, the third-largest United States less-than-truckload (LTL) carrier, with about 8% of the national market, going on strike ostensibly gaining traction, the company yesterday addressed comments made by the Teamsters yesterday about the company’s employee pensions through the Central States Pension Fund.

The prospects of a strike for Nashville-based Yellow Corporation, the third-largest United States less-than-truckload (LTL) carrier, with about 8% of the national market continue to gain traction, according to the International Brotherhood of Teamsters (IBT).

Yellow Corp., after decades of losses in excess of $1 billion and debt of $1.3 billion, received a little late financial breathing room as the venerable 99-year-old trucking company tries to survive.

Yellow Corp., after decades of losses in excess of $1 billion, is asking for presidential assistance in helping solve what it calls an “ongoing, intractable labor dispute” with the International Brotherhood of Teamsters (IBT) union over a new contract that doesn’t expire until the end of next March.

With yesterday’s news that Nashville-based Yellow Corporation, the third-largest United States less-than-truckload (LTL) carrier, has filed a lawsuit for more than $137 million against the International Brotherhood of Teamsters (IBT), due to what Yellow called a breach of the Teamsters’ biding contract with Yellow, it leaves a lot of questions unanswered about what happens next for Yellow, whom moves roughly 8%-to-10% of the total national LTL market, and, by extension, the market itself.

Nashville-based Yellow Corporation, the third-largest United States less-than-truckload (LTL) carrier, with about 8% of the national market, said today it has filed a lawsuit, for more than $137 million, against the International Brotherhood of Teamsters (IBT).

The International Brotherhood of Teamsters (IBT) and Yellow Corp., which controls about 8% of the national less-than-truckload (LTL) market, are moving fast toward negotiating a settlement over a major change of operations that Yellow says is vital to revitalizing the 94-year-old trucking company.

Freight demand did not pick up toward the second half of the first quarter, as it usually does in the LTL sector.

The Teamsters union and Yellow Corp., the union’s largest employer in the less-than-truckload (LTL) sector, will resolve their change of operations differences as part of their national freight contract negotiations of a labor agreement expiring next March 31.

After the International Brotherhood of Teamsters (IBT) announced that it was cancelling a scheduled April 7 hearing over restructuring operations that Yellow says is “vital to the future of our company,” the company has fired back with a letter to Teamsters National Freight Director John Murphy accusing the union of “falsehoods and baseless insults.”

There will be no merger, acquisition or combination of any sort involving Yellow Corp. and any of its rival less-than-truckload (LTL) carriers. That’s the final word on that from none other than Yellow CEO Darren Hawkins, who says he has enough going on within his $5 billion company.

Yellow Transportation, which has about 10% market share in the less-than-truckload (LTL) environment, paid the price for slackening demand in the overall trucking market in the fourth quarter. But Yellow executives say they are buoyed about the LTL market based on contract renewals coming in last month with 5-to-6% rate increases.

The possibility of the economy entering a recession, at this point, appears to not be a matter of if it occurs, but when will it occur. That was a key theme in a session this week at the SMC3 JumpStart 2023 conference held in Atlanta.