Fair Contract Now

Discussion in 'New Penn' started by LTL Trkr, Apr 12, 2018.

  1. LTL Trkr

    LTL Trkr New Member

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    YRC Regional is the 8th largest LTL carrier in the United States with nearly two billion dollars in yearly Revenue, about the same as ABF.
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    Since the Great Recession of 08-09 YRC Regional has posted an annual operating profit every year, while maintaining an operating ratio between 94%-96%. How much longer will we be asked to subsidize the operations of YRC Freight? A chapter 11 bankruptcy years ago would have been the best thing that could have happened to the regional company's employees, for these profitable subsidiaries would have been sold and their brand would have continued. As for YRC Freight they would have gone the way of the Dinasours.
     
  2. Keepingon

    Keepingon Well-Known Member

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    ABF doesn’t have the debt YRC does so you can’t compare what the two can afford.
    The regionals were making money when Yellow got their paws them Yellow wasn’t. I argued then that we should not be asked to or agree to any givebacks, I didn’t think the banks would say close the regionals that money and keep Yellow that loses money. When New Penn voted no on the first MOU the Local officer came in and told us Yellow will close New Penn and take the freight we left to go it alone that the Teamsters at Yellow wouldn’t be with us and they got the yes vote. That’s when they said from now on it’s one vote no separate votes for each company.

    What I’m hoping for in 2019 is a decent raise that gets us on the path to being inline with the industry, no cuts to the healthcare!! And allow us to take the small pension contribution they make and put it in a 401k instead of a multi employer fund that is gone and I’m not going to collect from anyway. I’m doubtful it will be that way and after 23 years at New Penn i have had enough of being a sucker and watching execs get million dollar salaries and bonuses. if we don’t get ours let it close.
     
    allnightrain44 and hilo342 like this.
  3. LTL Trkr

    LTL Trkr New Member

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  4. LTL Trkr

    LTL Trkr New Member

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    I agree YRC has a larger amount of long-term debt than ABF, 900 million verses 225 million, but just looking at these two dollar amounts is an over simplistic way to look at it. The important metric to be concerned about When comparing these two companies is the percentage of your annual revenue spent to service your long-term obligations. You may be surprised to learn that ABF spends 6.4% of at annual revenue to service long-term debt and pension obligations, whereas YRC only spends 4.6% of it's annual revenue to meet the same obligations. Therefore YRC is at an advantage over ABF to contribute more of its annual revenue towards wages salaries and benefits. Since these are both publicly traded companies anybody is able to View this information in their 10-K annual report. I understand on the surface it would appear that we are at a disadvantage but fortunately for us that's just not the case.
     
    waleye likes this.
  5. Keepingon

    Keepingon Well-Known Member

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    I’m not defending them in anyway my brother, but since the debt is the first and main thing Yellow and the Union come at us with I figured let me mention it so they understand we are not stupid and we know about it and we still expect a decent contract in 2019. Enough is enough.
     
    waleye likes this.
  6. ltl1

    ltl1 Active Member

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    Good luck with that happening. ABF making money and that fat ***** still selling us :shit:.
     
    Keepingon likes this.
  7. Keepingon

    Keepingon Well-Known Member

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    We are so unprepared for a contract fight it’s pathetic. And it seems that’s the way the company and Union leadership likes it.
     

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