OVERLAND PARK, Kan. – LTL giant YRC Worldwide and the Teamsters have agreed on a third round of concessions aimed at keeping the beleaguered carrier afloat and preserving 25,000 union jobs.

The Teamsters ratified a Restructuring Plan at YRC, Holland and New Penn.

The agreement, the result of months of talks between the two sides, extends a previous agreement to 2015 and will reportedly save the company about $350 million a year.

The union agreed to extend a previous 15 percent pay cut for two more years.

In return for the pay cuts and other debt reduction concessions, the union will require equity in the company.

"We realize that in ratifying this restructuring plan our members will continue to make huge sacrifices, which have been very difficult for our members and their families during the worst economic recession in decades," said Tyson Johnson, director of the Teamsters National Freight Division. "However, we firmly believe this plan is the only hope for saving our members’ jobs as this recession continues to cause so much hardship."