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BRIEF: YRC Worldwide to close Ohio terminal in cost-cutting move

Posted on: Thu, 19 Nov 2009 02:51:00 EST

Symbols: YRCW

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Nov 19, 2009 (The Kansas City Star - McClatchy-Tribune Information Services via COMTEX) --
YRCW | Quote | Chart | News | PowerRating -- It's been described as a gem of a building: Large, clean, well-lighted, with 202 truck bays. The "Cadillac" of trucking terminals as one analyst described it.

The owner, YRC Worldwide, announced it was closing the terminal in Richfield, Ohio, as part of its cost-cutting strategies.

Overland Park-based YRC told its Teamsters workers that it was seeking what is called a "change in operations" in its contract that would lead to the closing of the terminal, according to the Akron Beacon-Journal. Work will be moved to two other Ohio facilities.

"This is part of our ongoing efforts to synchronize our network to continue to optimize customer service," YRC said in a statement Wednesday.

According to the newspaper, the terminal changes will affect about 1,000 workers.

Analyst John Schulz of the Gerson Lehrman Group wrote in a note that the "change reduces YRC's footprint in northeastern Ohio from three to two terminals. It also ends almost 10 years of what the Teamsters call a one-roof agreement that protected a lot of Teamster jobs at Yellow."

Shares in YRC closed Wednesday at $1.17, unchanged.

| The Star

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