YRC Worldwide Inc., a Fortune 500 company and one of the largest transportation service providers in the world, is the holding company for a portfolio of brands including YRC, YRC Reimer, YRC Glen Moore, New Penn, Holland and Reddaway. YRC Worldwide has a comprehensive network in North America with local, regional, national and international capabilities. YRC Worldwide offers supply chain solutions for heavyweight shipments and serves customers who ship industrial, commercial and retail goods. The company is headquartered in Overland Park, Kansas
The company traces its history back to 1924 when A.J. Harrell of Oklahoma City founded the Yellow Cab and Transit Company, a bus and taxi company that served central Oklahoma. The company remained small until 1952, when an ownership group led by George E. Powell Sr. bought the company. During this time, Yellow helped pioneer the concept of consolidating small freight shipments into trailer loads.
Corporate headquarters in Overland Park, Kansas
In 1968, the company name was changed from Yellow Transit Freight Lines to Yellow Freight System Inc. During the deregulation of interstate trucking in the 1980s, Yellow Freight System embarked on a massive restructuring by creating new distribution centers across the country to better serve customers. The company changed its name to Yellow Corporation in 1992, when it created a parent company, with Yellow Transportation, Inc. as its largest division.
Vintage Yellow Corp. Logo
In December 2003 Yellow Corp. acquired Roadway Corp. for $1.05 billion, forming Yellow Roadway Corporation. The merger more than doubled revenue; Yellow Corp. posted a 2003 revenue of $3.07 billion, and Yellow Roadway Corp. had a 2004 revenue of $6.8 billion. These revenues continued to increase with the $1.5 billion acquisition of USF Corp. to a high of $9.9 billion in 2006. These increases also saw jumps in profit, which increased from $40 million in 2003 to $184 million in 2004 to a high of $288 million in 2005. Yellow Roadway Corp. also made forays into the international market, particularly China. In September of 2005, the company purchased half of Chinese freight-forwarding company JHJ International Transportation Co. Ltd. and in August of 2008, bought a 65 percent share of Chinese Shanghai Jiayu Logistics Co.
Possibly due to earlier manufacturing slowdowns, YRC reported a net loss of $976 million for its 2008 fiscal year. In 2009 it again reported a net loss of $622 million. Towards the end of 2009, YRC narrowly averted having to file for bankruptcy protection by successfully persuading its bondholders to exchange their $470 million in bond notes for roughly 94% of the company’s shares. Concurrent with more recent manufacturing sector growth and recovery, since the fourth quarter of 2009, YRC has again been approaching a net positive balance sheet.[1]
Due to the many different divisions of the company and the purchase of USF in 2005, in 2006 Yellow Roadway Corporation changed its name to its current name YRC Worldwide, Inc.
On March 1, 2009, Yellow Transportation and Roadway formally merged to create YRC. The brands that now make up YRC Worldwide, Inc. include YRC, YRC Reimer, New Penn, Holland, Reddaway and YRC Glen Moore. YRC Worldwide employs around 49,000 people. The interstate operating authority of all YRC subdidiaries today is that of the former Roadway Express.
YRC Worldwide Inc. (also referred to as “YRC Worldwide”, “the Company”, “we” or “our”), one of the largest transportation service providers in the world, is a holding company that through wholly owned operating subsidiaries offers its customers a wide range of transportation services. The Company adopted the name YRC Worldwide in January 2006 to reflect the fact that its services have expanded to encompass logistics as well as global, national and regional transportation. The YRC Worldwide portfolio of brands provides a comprehensive suite of services for the shipment of industrial, commercial and retail goods domestically and internationally. The brands operate independently in the marketplace, providing customers with a differentiated choice of services and providers. It is our strategy to allow each individual brand to develop its own franchise. We believe that this strategy can result in a greater share of market than we might create under a one brand approach. Additionally, we believe open competition in the marketplace strengthens our individual franchises to a greater extent than restricting the brands from such competition. Our operating subsidiaries, which are also our reportable segments, include the following:
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Yellow Transportation, Inc. (“Yellow Transportation”) is a leading transportation services provider that offers a full range of regional, national and international services for the movement of industrial, commercial and retail goods, primarily through centralized management and customer facing organizations. Approximately 44% of Yellow Transportation shipments are completed in two days or less. In addition to the United States, Yellow Transportation also serves parts of Canada, Mexico and Puerto Rico.
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Roadway Express, Inc. (“Roadway”) is a leading transportation services provider that offers a full range of regional, national and international services for the movement of industrial, commercial and retail goods, primarily through regionalized management and customer facing organizations. Approximately 32% of Roadway shipments are completed in two days or less. Roadway owns 100% of Reimer Express Lines Ltd. (“Reimer”), located in Canada, that specializes in shipments into, across and out of Canada.
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YRC Regional Transportation, Inc. (“Regional Transportation”) is a holding company for our transportation service providers focused on business opportunities in the regional and next-day delivery markets. Regional Transportation is comprised of New Penn Motor Express, Inc. (“New Penn”), USF Holland Inc. and USF Reddaway Inc., which provide regional, next-day ground services through a network of facilities located across the United States (“U.S.”); Quebec, Canada; Mexico and Puerto Rico. USF Glen Moore Inc., a provider of truckload services throughout the U.S., is also a subsidiary of Regional Transportation. Approximately 90% of Regional Transportation LTL shipments are completed in two days or less. In 2006, Regional Transportation also included USF Bestway Inc. In February 2007, we consolidated the majority of USF Bestway’s operations into USF Reddaway.
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Meridian IQ, Inc. (“Meridian IQ”) is a global logistics management company that plans and coordinates the movement of goods worldwide to provide customers a single source for logistics management solutions. Meridian IQ delivers a wide range of global logistics management services, with the ability to provide customers improved return-on-investment results through flexible, fast and easy-to-implement logistics services and technology management solutions.
In January 2007, we announced organizational changes that bring the management of Yellow Transportation and Roadway under one organization established as YRC National Transportation. Accordingly, beginning in 2007 we will combine these previously separate segments into one.
For revenue and other information regarding these segments, see the Business Segments note under “Item 8, Financial Statements and Supplementary Data”.
Incorporated in Delaware in 1983 and headquartered in Overland Park, Kansas, we employed approximately 66,000 people as of December 31, 2006. The mailing address of our headquarters is 10990 Roe Avenue, Overland Park, Kansas 66211, and our telephone number is (913) 696-6100. Our website is www.yrcw.com . Through the “SEC Filings” link on our website, we make available the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”): our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended. All of these filings may be viewed or printed from our website free of charge.
Administrative Professionals Day is April 27, which is a smooth segue for remembering that employee recognition shouldn't be limited to one day, one week or one type of job.
More than a nice thing to do, employee recognition helps reinforce and promote desirable actions and accomplishments. It's been linked to improved morale, increased productivity, and greater employee retention.
If you believe the adage that your company's greatest asset is its people, here are five tips to help them feel appreciated.
Mind your manners. "Thank you" and "please" are good words to remember and use generously in your conversations, notes and text messages. They help create a more congenial work environment that everyone appreciates.
Make it personal. Respect and genuinely care about your employees as people. Listen and learn what's going on with them at work and at home. It's easier to do when you open your door or engage in regular, informal conversations. Then, when it's time to acknowledge an accomplishment, make it appropriate. That includes matching the form of recognition to what you know is meaningful to the recipient.
Let them eat cake. Or bagels, or donuts, or even lunch on you! A little food goes a long way toward saying, "I know what you did (or tried to do), and I appreciate you for it." Listen to the conversations at these casual gatherings, and you may come away with some fresh ideas on the one topic you all share and is sure to come up--work!
Prime time. Whether it's a private conversation or at a public gathering, don't let time elapse from the reason for the recognition; deliver your praise promptly. When expressing your appreciation, be specific about the "what" and "why" behind the recognition. In addition to making it more meaningful, it will encourage repeat performance.
Nourish your employees. Make it an ongoing effort. Clearly express expectations. Share information with transparency and compassion. Engage employees in the planning and decision-making process. Ask for their thoughts. Find ways for employees to learn new skills, grow in their work, and contribute to business goals.
OVERLAND PARK, Kan. -- Financially beleagured YRC Worldwide Inc. announced this morning it has extended the expiration date for its previously announced exchange offers until 11:59 p.m., New York City time, on December 30, 2009, unless further extended.
As of 11:59 p.m., New York City time, on December 29, 2009, 94% of the aggregate principal amount of the 5.0% and 3.375% Notes and 59% of the 8 1/2% Notes had been tendered into the exchange offers, representing 84% of the company's outstanding notes.
As of the prior expiration date on December 28, 2009, 92% of the aggregate principal amount of the 5.0% and 3.375% Notes and 53% of the 8 1/2% Notes had been tendered into the exchange offers, representing 81% of the company's outstanding notes.
The company said that it continues to work with its noteholders through the holiday season to increase the level of support for this recapitalization, which is a key part of the comprehensive plan the company is implementing to place it on a more solid financial base.
The company traces its history back to 1924 when A.J. Harrell of Oklahoma City founded the Yellow Cab and Transit Company, a bus and taxi company that served central Oklahoma. The company remained small until 1952, when an ownership group led by George E. Powell Sr. bought the company. During this time, Yellow helped pioneer the concept of consolidating small freight shipments into trailer loads.
Corporate headquarters in Overland Park, Kansas
In 1968, the company name was changed from Yellow Transit Freight Lines to Yellow Freight System Inc. During the deregulation of interstate trucking in the 1980s, Yellow Freight System embarked on a massive restructuring by creating new distribution centers across the country to better serve customers. The company changed its name to Yellow Corporation in 1992, when it created a parent company, with Yellow Transportation, Inc. as its largest division.
Vintage Yellow Corp. Logo
In December 2003 Yellow Corp. acquired Roadway Corp. for $1.05 billion, forming Yellow Roadway Corporation. The merger more than doubled revenue; Yellow Corp. posted a 2003 revenue of $3.07 billion, and Yellow Roadway Corp. had a 2004 revenue of $6.8 billion. These revenues continued to increase with the $1.5 billion acquisition of USF Corp. to a high of $9.9 billion in 2006. These increases also saw jumps in profit, which increased from $40 million in 2003 to $184 million in 2004 to a high of $288 million in 2005. Yellow Roadway Corp. also made forays into the international market, particularly China. In September of 2005, the company purchased half of Chinese freight-forwarding company JHJ International Transportation Co. Ltd. and in August of 2008, bought a 65 percent share of Chinese Shanghai Jiayu Logistics Co.
Possibly due to earlier manufacturing slowdowns, YRC reported a net loss of $976 million for its 2008 fiscal year. In 2009 it again reported a net loss of $622 million. Towards the end of 2009, YRC narrowly averted having to file for bankruptcy protection by successfully persuading its bondholders to exchange their $470 million in bond notes for roughly 94% of the company’s shares. Concurrent with more recent manufacturing sector growth and recovery, since the fourth quarter of 2009, YRC has again been approaching a net positive balance sheet.[1]
Due to the many different divisions of the company and the purchase of USF in 2005, in 2006 Yellow Roadway Corporation changed its name to its current name YRC Worldwide, Inc.
On March 1, 2009, Yellow Transportation and Roadway formally merged to create YRC. The brands that now make up YRC Worldwide, Inc. include YRC, YRC Reimer, New Penn, Holland, Reddaway and YRC Glen Moore. YRC Worldwide employs around 49,000 people. The interstate operating authority of all YRC subdidiaries today is that of the former Roadway Express.
YRC Worldwide Inc. (also referred to as “YRC Worldwide”, “the Company”, “we” or “our”), one of the largest transportation service providers in the world, is a holding company that through wholly owned operating subsidiaries offers its customers a wide range of transportation services. The Company adopted the name YRC Worldwide in January 2006 to reflect the fact that its services have expanded to encompass logistics as well as global, national and regional transportation. The YRC Worldwide portfolio of brands provides a comprehensive suite of services for the shipment of industrial, commercial and retail goods domestically and internationally. The brands operate independently in the marketplace, providing customers with a differentiated choice of services and providers. It is our strategy to allow each individual brand to develop its own franchise. We believe that this strategy can result in a greater share of market than we might create under a one brand approach. Additionally, we believe open competition in the marketplace strengthens our individual franchises to a greater extent than restricting the brands from such competition. Our operating subsidiaries, which are also our reportable segments, include the following:
•
Yellow Transportation, Inc. (“Yellow Transportation”) is a leading transportation services provider that offers a full range of regional, national and international services for the movement of industrial, commercial and retail goods, primarily through centralized management and customer facing organizations. Approximately 44% of Yellow Transportation shipments are completed in two days or less. In addition to the United States, Yellow Transportation also serves parts of Canada, Mexico and Puerto Rico.
•
Roadway Express, Inc. (“Roadway”) is a leading transportation services provider that offers a full range of regional, national and international services for the movement of industrial, commercial and retail goods, primarily through regionalized management and customer facing organizations. Approximately 32% of Roadway shipments are completed in two days or less. Roadway owns 100% of Reimer Express Lines Ltd. (“Reimer”), located in Canada, that specializes in shipments into, across and out of Canada.
•
YRC Regional Transportation, Inc. (“Regional Transportation”) is a holding company for our transportation service providers focused on business opportunities in the regional and next-day delivery markets. Regional Transportation is comprised of New Penn Motor Express, Inc. (“New Penn”), USF Holland Inc. and USF Reddaway Inc., which provide regional, next-day ground services through a network of facilities located across the United States (“U.S.”); Quebec, Canada; Mexico and Puerto Rico. USF Glen Moore Inc., a provider of truckload services throughout the U.S., is also a subsidiary of Regional Transportation. Approximately 90% of Regional Transportation LTL shipments are completed in two days or less. In 2006, Regional Transportation also included USF Bestway Inc. In February 2007, we consolidated the majority of USF Bestway’s operations into USF Reddaway.
•
Meridian IQ, Inc. (“Meridian IQ”) is a global logistics management company that plans and coordinates the movement of goods worldwide to provide customers a single source for logistics management solutions. Meridian IQ delivers a wide range of global logistics management services, with the ability to provide customers improved return-on-investment results through flexible, fast and easy-to-implement logistics services and technology management solutions.
In January 2007, we announced organizational changes that bring the management of Yellow Transportation and Roadway under one organization established as YRC National Transportation. Accordingly, beginning in 2007 we will combine these previously separate segments into one.
For revenue and other information regarding these segments, see the Business Segments note under “Item 8, Financial Statements and Supplementary Data”.
Incorporated in Delaware in 1983 and headquartered in Overland Park, Kansas, we employed approximately 66,000 people as of December 31, 2006. The mailing address of our headquarters is 10990 Roe Avenue, Overland Park, Kansas 66211, and our telephone number is (913) 696-6100. Our website is www.yrcw.com . Through the “SEC Filings” link on our website, we make available the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”): our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended. All of these filings may be viewed or printed from our website free of charge.
Administrative Professionals Day is April 27, which is a smooth segue for remembering that employee recognition shouldn't be limited to one day, one week or one type of job.
More than a nice thing to do, employee recognition helps reinforce and promote desirable actions and accomplishments. It's been linked to improved morale, increased productivity, and greater employee retention.
If you believe the adage that your company's greatest asset is its people, here are five tips to help them feel appreciated.
Mind your manners. "Thank you" and "please" are good words to remember and use generously in your conversations, notes and text messages. They help create a more congenial work environment that everyone appreciates.
Make it personal. Respect and genuinely care about your employees as people. Listen and learn what's going on with them at work and at home. It's easier to do when you open your door or engage in regular, informal conversations. Then, when it's time to acknowledge an accomplishment, make it appropriate. That includes matching the form of recognition to what you know is meaningful to the recipient.
Let them eat cake. Or bagels, or donuts, or even lunch on you! A little food goes a long way toward saying, "I know what you did (or tried to do), and I appreciate you for it." Listen to the conversations at these casual gatherings, and you may come away with some fresh ideas on the one topic you all share and is sure to come up--work!
Prime time. Whether it's a private conversation or at a public gathering, don't let time elapse from the reason for the recognition; deliver your praise promptly. When expressing your appreciation, be specific about the "what" and "why" behind the recognition. In addition to making it more meaningful, it will encourage repeat performance.
Nourish your employees. Make it an ongoing effort. Clearly express expectations. Share information with transparency and compassion. Engage employees in the planning and decision-making process. Ask for their thoughts. Find ways for employees to learn new skills, grow in their work, and contribute to business goals.
OVERLAND PARK, Kan. -- Financially beleagured YRC Worldwide Inc. announced this morning it has extended the expiration date for its previously announced exchange offers until 11:59 p.m., New York City time, on December 30, 2009, unless further extended.
As of 11:59 p.m., New York City time, on December 29, 2009, 94% of the aggregate principal amount of the 5.0% and 3.375% Notes and 59% of the 8 1/2% Notes had been tendered into the exchange offers, representing 84% of the company's outstanding notes.
As of the prior expiration date on December 28, 2009, 92% of the aggregate principal amount of the 5.0% and 3.375% Notes and 53% of the 8 1/2% Notes had been tendered into the exchange offers, representing 81% of the company's outstanding notes.
The company said that it continues to work with its noteholders through the holiday season to increase the level of support for this recapitalization, which is a key part of the comprehensive plan the company is implementing to place it on a more solid financial base.