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NEW YORK - Milwaukee garbage truck drivers who went on strike Aug. 26 against Waste Management Inc. said Friday they unanimously voted against a contract proposal.
Teamsters Local 200 rejected the proposal because it "replaces their retirement's defined benefit program with a 401(k)," the union said in a statement.
The union criticized the company's not putting up money to extend the existing retirement program while it is trying to buy another company. Waste Management has offered nearly $7 billion in an unsolicited bid to buy rival trash hauler Republic Services Inc.
Lynn Morgan, a spokeswoman for Waste Management in Milwaukee, said the union will vote on the company's final offer on Sunday. She said the vote Friday was on an offer that was changed at the union's request.
If the union doesn't approve the contract with its vote on Sunday, the company will hire new employees, she said.
The company's shares rose 82 cents, or 2.4 percent, to close at $34.91.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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