CSX Expands Labor Agreements with Two More Partners
Rhea-AI Summary
CSX (NASDAQ: CSX) has announced new five-year tentative collective bargaining agreements with the International Brotherhood of Boilermakers (IBB) and the Transportation Communications Union (TCU). These agreements, pending ratification, were reached over four months before the current contracts become amendable. CSX has now secured proactive agreements with 11 labor unions, covering 15 work groups and more than 50% of its unionized workforce. The agreements offer improved wages, healthcare, and paid time off benefits. CSX's CEO, Joe Hinrichs, emphasized the importance of these agreements in creating a foundation where employees feel valued and empowered, recognizing their critical role in delivering on customer and community commitments.
Positive
- Secured new five-year tentative agreements with two more labor unions
- Agreements reached over four months ahead of schedule
- Now has agreements covering more than 50% of unionized workforce
- Agreements include improved wages, healthcare, and paid time off benefits
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, CSX gained 0.90%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
JACKSONVILLE, Fla., Aug. 30, 2024 (GLOBE NEWSWIRE) -- CSX (NASDAQ: CSX) today announced it has secured new five-year tentative collective bargaining agreements with International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers & Helpers (IBB) and the Transportation Communications Union (TCU).
“The latest tentative agreements build upon the momentum that we have created alongside our union partners and allows us to solidify the foundation at CSX where every employee feels valued and empowered,” said Joe Hinrichs, president and chief executive officer. “Our employees are the backbone of our company, and their dedication and hard work are critical to our ability to deliver on our promises to our customers and the communities we serve.”
The tentative agreements, which are pending ratification by the unions’ membership at CSX, were reached more than four months before the current collective agreements become amendable under the federal Railway Labor Act.
To date, CSX has reached proactive agreements with 11 labor unions, covering 15 different work groups, amending 20 collective agreements covering more than 50 percent of its unionized workforce. The terms of the agreements are aligned, providing equivalent packages of improved wages, health care, and paid time off benefits.
CSX remains committed to working with other unions and crafts to reach similar agreements over the coming days and continuing to partner with employees to make meaningful improvements in their work environment.
About CSX
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.
Contact:
Matthew Korn, CFA, Investor Relations
904-366-4515
Bryan Tucker, Corporate Communications
855-955-6397
FAQ
What new labor agreements has CSX (NASDAQ: CSX) announced on August 30, 2024?
How many labor unions has CSX (NASDAQ: CSX) reached agreements with to date?
What percentage of CSX's unionized workforce is covered by the new agreements?
What benefits are included in CSX's new labor agreements announced on August 30, 2024?
