YRC WORLDWIDE INC.

(YRCW)
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End-of-day quote Nasdaq  -  2022-08-16
6.780 USD   -5.17%
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Yellow Corporation Applauds New Partnership Between U.S. Department of Labor and The American Trucking Associations to Train the Next Generation of Professional Truck Drivers

03/03/2022 | 05:56pm EDT

WASHINGTON, March 03, 2022 (GLOBE NEWSWIRE) -- The U.S. Department of Labor (DOL) will partner with The American Trucking Associations (ATA) to make skilled labor apprenticeship programs more accessible to men and women who are interested in professional truck driving careers.

“Yellow is a leader in the Department of Labor apprenticeship program partnership,” said Darren Hawkins, CEO of Yellow Corporation (NASDAQ: YELL). “I’m eager to share our positive experiences with fellow trucking companies. We have the same goal: training the next generation of qualified, safe drivers. I’m excited to pitch in and encourage more companies to take part in this program,” Hawkins continued. For nearly five years, Yellow Corporation has participated in the DOL apprenticeship program. Yellow is also a member of the ATA.

On March 1st, Hawkins joined U.S. Secretary of Labor Marty Walsh, Secretary of Transportation Pete Buttigieg, ATA President Chris Spear, and Dave Harrison, executive director of Work Force Development, Government Programs and Military Employment Issues for FASTPORT Inc., for a signing ceremony at the Department of Labor. The White House recently identified expansion of the apprenticeship programs as part of its Trucking Action Plan to ease current supply chain constraints. Secretary Walsh launched the 90 Day Trucking Apprenticeship Challenge as a key component of the White House initiative.

Following Tuesday’s announcement, trucking companies of all sizes will find it easier to establish their own apprenticeship training programs. The ATA will administer the program for participating member companies. ATA member companies will then focus their resources on meeting certain training and compensation standards as they bring in new drivers for a two-year apprenticeship program that will provide graduated wages as drivers develop and expand their skills.

The public-private partnership is intended to address the nationwide shortage of qualified professional truck drivers. The ATA estimates that over the next decade, the U.S. will need more than one million new professional truck drivers to keep pace with consumer purchases and increasing e-commerce demands. The trade association calculates that the industry has a shortage of 80,000 drivers today. 

“The DOL-certified apprenticeship program is top-notch,” said Hawkins. “It enables companies to expand their driver training programs and, with today’s driver shortage, this public-private partnership is more crucial than ever. I’m confident that by working together, we can train the drivers the industry needs while offering men and women a path to a well-paid, respectable career.”

Yellow remains an industry leader in the Department of Labor apprenticeship program. The company currently sponsors 16 permanent Driving Academies, which aim to train 1,000 new drivers in 2022. Yellow’s academies are tuition-free for participants. The company also runs its “Dock-to-Driver” program, providing entry-level training for loading dock employees. After 30 days of successful work, Dock-to-Driver participants are eligible to enroll in one of the company’s Driving Academies, which puts them on the path to earning their commercial driver’s license (CDL). Apprentices are paid for their work and, throughout the program, are trained and mentored by respected industry professionals and certified driving instructors.

Information about joining the Yellow team as a professional driver can be found here.

About Yellow Corporation
Yellow Corporation has one of the largest, most comprehensive logistics and less-than-truckload (LTL) networks in North America with local, regional, national, and international capabilities. Through its teams of experienced service professionals, Yellow Corporation offers industry-leading expertise in flexible supply chain solutions, ensuring customers can ship industrial, commercial, and retail goods with confidence. Yellow Corporation, whose principal office is in Nashville, Tenn., is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics.

Please visit our website at www.myyellow.com for more information.

Media Contacts:Mike Kelley
913-696-6121
mike.kelley@myyellow.com
  
 Heather Nauert
heather.nauert@myyellow.com
  
Investor Contact:Tony Carreño
913-696-6108
investor@myyellow.com
  

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All news about YRC WORLDWIDE INC.
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Financials (USD)
Sales 2022 5 363 M - -
Net income 2022 90,7 M - -
Net Debt 2022 1 331 M - -
P/E ratio 2022 3,91x
Yield 2022 -
Capitalization 350 M 350 M -
EV / Sales 2022 0,31x
EV / Sales 2023 0,33x
Nbr of Employees 32 000
Free-Float 97,2%
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Mean consensus HOLD
Number of Analysts 3
Last Close Price 6,78 $
Average target price 8,50 $
Spread / Average Target 25,4%
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Managers and Directors
Darren D. Hawkins Chief Executive Officer & Director
Darrel J. Harris President & Chief Operating Officer
Daniel L. Olivier Chief Financial Officer
Matthew A. Doheny Chairman
Jason T. Ringgenberg Chief Information Officer
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