Atlas Air and Southern Air Provide Interim Pay Increase for Pilots in Agreement with International Brotherhood of Teamsters
Atlas Air Worldwide Holdings (Nasdaq: AAWW) has announced a 10% interim pay increase for its pilots, effective May 1, 2020.
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Rhea-AI Summary
Atlas Air Worldwide Holdings (Nasdaq: AAWW) has announced a 10% interim pay increase for its pilots, effective May 1, 2020. This decision follows negotiations with the International Brotherhood of Teamsters (IBT) Locals 2750 and 1224. CEO John W. Dietrich emphasized the company's appreciation for the pilots' hard work during the pandemic and noted ongoing efforts to finalize a joint collective bargaining agreement related to the merger of Atlas Air and Southern Air. The company operates a significant fleet of aircraft, serving both cargo and passenger operations globally.
Positive
- 10% interim pay increase for pilots demonstrates recognition of their efforts during the pandemic.
- Ongoing negotiations for a joint collective bargaining agreement can lead to improved labor relations.
Negative
- None.
Details
News Market Reaction – AAWW
The recorded move for AAWW in the trading session of this news was +8.56%.
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PURCHASE, N.Y., May 07, 2020 (GLOBE NEWSWIRE) -- Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced that its wholly-owned subsidiaries Atlas Air, Inc. and Southern Air, Inc. have reached an agreement with International Brotherhood of Teamsters (IBT) Locals 2750 and 1224 for an interim pay increase for their pilots. The ten percent pay increase is effective as of May 1.
“We wanted to provide this interim increase to our pilots who are working so hard during this difficult time. Reaching this agreement with our IBT Locals underscores our deep appreciation of the efforts of our pilots,” said John W. Dietrich, President and Chief Executive Officer, Atlas Air Worldwide. “While we continue to manage through this current pandemic situation, we also remain focused on completing the joint collective bargaining agreement we have been pursuing in connection with the merger between Atlas Air and Southern Air.”
The company and the IBT have been in merger negotiations for a joint contract for the more than 2,200 pilots that fly for Atlas Air and Southern Air.
About Atlas Air Worldwide:
Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.
Atlas Air Worldwide’s press releases, SEC filings and other information may be accessed through the company’s home page, www.atlasairworldwide.com.
| Contacts: | Investors – InvestorRelations@atlasair.com |
| Media – CorpCommunications@atlasair.com |
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