- Five-year ABF National Master Freight Agreement with
International Brotherhood of Teamsters fully ratified including all
regional agreements
- Final 2 of 27 supplemental agreements passed this week
- Implementation of new contract on July
16, 2023
FORT
SMITH, Ark., July 7, 2023
/PRNewswire/ -- ABF Freight, an ArcBest company (Nasdaq:
ARCB), is pleased to report the new five-year ABF National Master
Freight Agreement will be implemented on July 16, 2023, following the ratification this
week of the two remaining supplemental agreements.
The implementation of the new collective bargaining agreement
will have wage increases retroactive to July
1, 2023 and health and welfare contribution provisions that
become effective on August 1,
2023.
The 5-year agreement runs through June
30, 2028. Major economic provisions include:
- Wage increases in each year of the contract, starting with
$3.50 per hour for the first year,
enabling ABF to recruit and retain a highly tenured and experienced
workforce.
- Allows for location-specific wage increases in areas where
hiring has been challenging.
- Increased contributions to generous, industry-leading health
and retirement plans.
- Profit-sharing bonuses upon ABF Freight's achievement of annual
operating ratio targets.
- Additional sick and holiday paid time off.
"With full ratification of this new agreement, ArcBest and ABF
confidently look forward to serving customers' logistics needs for
years to come," said Chairman, President and Chief Executive
Officer Judy R. McReynolds. "Our
team achieved our goal to reach an agreement that recognizes and
rewards our Teamster employees for the work they do every day for
customers, while also enabling ABF to grow and invest in the
business. As we embrace an ever-changing logistics marketplace, we
are grateful to our employees for their dedication and commitment
to our company's ongoing success."
ABF Freight President Seth Runser
added, "ABF has thrived in a competitive marketplace by going above
and beyond to meet our customers' needs, and with this new contract
in place we redouble that focus. I thank our team for their hard
work in achieving this industry-leading agreement and our
employees' dedication and patience during this important
process."
ABOUT ARCBEST
ArcBest® (Nasdaq: ARCB) is a multibillion-dollar
integrated logistics company that helps keep the global supply
chain moving. Founded in 1923 and now with over 15,000 employees
across nearly 250 campuses and service centers, the company is a
logistics powerhouse, fueled by the simple notion of finding a way
to get the job done. Through innovative thinking, agility and
trust, ArcBest leverages its full suite of shipping and logistics
solutions to meet customers' critical needs, each and every day.
For more information, visit arcb.com.
The following is a "safe harbor" statement under the Private
Securities Litigation Reform Act of 1995: Certain
statements and information in this release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, among others,
statements regarding (i) our expectations about our intrinsic value
or our prospects for growth and value creation, (ii) our financial
outlook, position, strategies, goals, and expectations, and (iii)
our expectation concerning a new labor contract. Terms such as
"anticipate," "believe," "could," "estimate," "expect," "forecast,"
"foresee," "intend," "may," "plan," "predict," "project,"
"scheduled," "should," "would," and similar expressions and the
negatives of such terms are intended to identify forward-looking
statements. These statements are based on management's beliefs,
assumptions, and expectations based on currently available
information, are not guarantees of future performance, and involve
certain risks and uncertainties (some of which are beyond our
control). Although we believe that the expectations reflected in
these forward-looking statements are reasonable as and when made,
we cannot provide assurance that our expectations will prove to be
correct. Actual outcomes and results could materially differ from
what is expressed, implied, or forecasted in these statements due
to a number of factors, including the financial, operational, and
legal risks and uncertainties detailed from time to time in ArcBest
Corporation's public filings with the Securities and Exchange
Commission ("SEC").
For additional information regarding known material factors that
could cause our actual results to differ from those expressed in
these forward-looking statements, please see our filings with the
SEC, including our Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q, and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
We undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events, or otherwise.
Investor Relations Contact: David
Humphrey
|
Media Contact: Kathy
Fieweger
|
Title: Vice President – Investor
Relations
|
Phone:
847-903-8806
|
Phone: 479-785-6200
|
|
Email: dhumphrey@arcb.com
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/abf-freight-teamsters-contract-fully-ratified-301872313.html
SOURCE ArcBest