Transportation giant Ryder to cut 800 jobs in Austin

Lori Hawkins, Austin American-Statesman
3 min read
0
Transportation giant Ryder said it will eliminate 801 jobs in Austin with the closure of its operations at Applied Materials.
Transportation giant Ryder said it will eliminate 801 jobs in Austin with the closure of its operations at Applied Materials.

Transportation giant Ryder is preparing to lay off hundreds of workers in Austin, according to documents filed with the state.

The job cuts, which will affect about 800 employees, were reported by the company in a WARN letter sent to the Texas Workforce Commission. A WARN letter, which stands for Worker Adjustment and Retraining Notification Act, is a federally mandated notice employers must provide to state governments in the event of major layoffs.

In the letter, Ryder said the job eliminations are related to a plant closing of its operations at the Applied Materials site at 9700 U.S. 290.

More:Will dollars keep pouring in for Austin startups in 2023? Here's what experts say

"Ryder anticipates that approximately 801 Ryder employees will be terminated between March 18, 2023 and March 31, 2023," the company said. It said the shutdown of Ryder's operations is expected to be permanent.

The affected employees are not represented by a union and do not have bumping rights, which would allow them to displace employees with less time at the company, according to the letter.

Ryder said no additional layoffs are anticipated and said it expects that operations at the site "will continue with one or more other operators."

The company did not say how many employees it currently has at the site, and did not describe the types of positions being eliminated.

Transportation giant Ryder said it will eliminate 801 jobs in Austin.
Transportation giant Ryder said it will eliminate 801 jobs in Austin.

"Due to a customer’s changing business needs, Ryder will no longer operate the customer facilities located in the Austin, Texas area," company spokesperson Anne Hendricks said in a written statement to the American-Statesman. "We understand the customer is insourcing a significant portion of the operations and transitioning a portion to two third-party logistics providers."

Hendricks said affected employees "are encouraged to consider any open positions at other Ryder facilities in the area or to apply for positions with the customer or the new service providers."

More:Monster deal: Austin-based American Campus being sold for $13 billion

Ryder is a U.S. transportation and logistics company known for operating a fleet of commercial rental trucks. The company, based in Miami, specializes in fleet management, supply chain management and transportation management.

It rents and sells vehicles including vans, box trucks, refrigerated trucks as well as semi-trucks and trailers. The company has 39,600 employees nationwide, according to its website.

More:Tech Q&A with Joshua Baer: How the pandemic became 'an accelerant' for Austin startup scene

RateGenius Loan Services laying off 139 in Austin

Austin-based auto refinancing company RateGenius Loan Services also has notified the Texas Workforce Commission that it plans to cut nearly 140 jobs in Central Texas.

In its WARN letter, the company said that on Jan. 11 it eliminated 139 positions at its facility at 9300 United Drive in Austin.

Founded in 1999, RateGenius is a nationwide web-based auto refinance loan broker. The company’s virtual marketplace connects borrowers with a network of more than 150 lenders.

RateGenius also sells insurance products through partnerships with nationwide insurance providers.

"Due to the speed and extent that interest rates increased and the quick decline in used car values during mid to late 2000, RateGenius had to reduce the size of its operation to match its business needs," the company said in a statement.

"This market condition is not permanent, and these consumers are not stuck in these loans forever," the company said. "RateGenius remains the largest marketplace provider for auto loans and as interest rates continue to stabilize, we will be there to help as many consumers possible lower their interest rates and auto loan payments."

RateGenius raised $2.1 million from investors in 2010 and was acquired by Austin-based Tritium Partners in 2018.

In 2021, RateGenius completed a merger with Denver-based Autopay Direct Inc. Under the deal, the two companies became operating units of the Savings Group.

At the time, RateGenius said the merger created a team of more than 550 people across offices in Austin and Dever focused on providing competitive lending rates, loan savings and vehicle protection plans.

This article originally appeared on Austin American-Statesman: Transportation giant Ryder to cut 800 jobs in Austin, Texas

Advertisement

Recommended Stories

  • Sam Bankman-Fried Traded In His $35 Million Mansion In The Bahamas For A Prison Cell With 35 Inmates But Claims "He Did Not Do Anything Wrong"

    Formerly disgraced FTX CEO and Co-Founder Sam Bankman-Fried was convicted in November of wire fraud, money laundering and conspiracy, and sentenced to 25 years in prison. His high-profile trial marked a significant chapter in the unraveling of FTX, which collapsed under suspicious financial practices, leading to intense scrutiny and legal action. For the first time since his incarceration, Bankman-Fried described his daily life in a detailed interview with journalist William D. Cohan of Puck. Do

  • Charles Schwab website ‘is a mess’: Hundreds of TD Ameritrade users complain about their new online home.

    “It wouldn’t surprise me if they see an outflow of clients over the next six months,” one user told MarketWatch.

  • Homes are overvalued in much of the U.S. — with these 5 states leading the list

    Home prices are overvalued nationally, according to a new report by Fitch Ratings, led by Southern states.

  • Nvidia Recently Bought 5 Artificial Intelligence (AI) Stocks, and 1 Is Absolutely Soaring

    Nvidia is spreading some of its recently amassed wealth by investing in smaller AI companies.

  • Are Options Traders Betting on a Big Move in Intel (INTC) Stock?

    Investors need to pay close attention to Intel (INTC) stock based on the movements in the options market lately.

  • Exclusive-Bank of America banker who died had sought to leave, citing long hours, recruiter says

    The 35-year-old Bank of America investment banker who died from a blood clot earlier this month wanted to leave the U.S. bank because he was working more than 100 hours a week, according to an executive recruiter who spoke with him about seeking a new job. Junior banker Leo Lukenas III died of an acute coronary artery thrombus, a type of blood clot, the New York Office of the Chief Medical Examiner said last week. Lukenas said in mid-March that he wanted to leave Bank of America because of the grueling hours, Douglas Walters, a managing partner at GrayFox Recruitment, told Reuters in an interview.

  • Seeking 12% Dividend Yield? Analysts Suggest 2 Dividend Stocks to Buy

    Now that we’ve had time to digest the April jobs numbers, some strategists are getting worried about the economy’s mid-term outlook. The jobs report showed 175,000 new jobs added in the month – but that was the lowest gain in the past six months, and was accompanied by an uptick in unemployment, from 3.8% to 3.9%. Along with these topline numbers, the report showed declines in job openings and hires. For Roukaya Ibrahim, watching the US economy from BCA, this job report may indicate a shift towa

  • Cisco forecasts fourth-quarter revenue above estimates

    Cisco has been benefiting from an increase in spending, with companies trying to boost their growing artificial intelligence and cloud computing needs. The company has also been trying to reduce its reliance on its massive networking equipment business, which has suffered in recent years from supply chain issues and a post-pandemic slowdown in demand. Last year, the Cisco agreed to buy Splunk, to enhance its cybersecurity capabilities and broaden its market reach.

  • Walmart lays off hundreds of employees and requires others to relocate

    Walmart on Tuesday announced layoffs affecting several hundred jobs at the retail giant’s campus offices. It also said it will require most remote workers and personnel in its Dallas, Atlanta and Toronto offices to relocate to its primary offices in Bentonville, Arkansas; Hoboken, New Jersey; and the San Francisco Bay Area. The news, conveyed via a Walmart staff memo provided to The Associated Press, said the relocations will serve the goal of “bringing more of us together more often.”

  • What is a high-net-worth individual?

    High-net-worth individuals, those with net worths of $1 million or more and liquid assets, take different approaches to finance than others.