American trucking company, Yellow, has promised to pay the more than $50 million it owes in workers benefits and pensions, narrowly averting strike action.
The Teamsters union, who represent 22,000 Yellow employees, has given the company 30 days to pay up. Many speculated a strike would bring the company, which has been in the grips of financial strife since the pandemic, down.
Yellow is the third-biggest US trucking company, specialising in the less-than-truckload segment that combines shipments from different customers in the same trailer. It provides services to some of the largest retailers and manufacturers in the country.
In other news, driver capacity models suggest the record declines in freight rates should be creating more jobs.