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CSX (NASDAQ: CSX) has announced new tentative five-year collective bargaining agreements with seven additional labor unions, covering various employee groups including maintenance, machinists, yardmasters, and supervisors. These agreements, pending ratification, were reached more than four months before the current contracts become amendable. CSX has now secured 12 separate tentative agreements, covering over 50% of its union employees.
The agreements provide improved wages, health care, and paid time off benefits. CSX President and CEO Joe Hinrichs emphasized the company’s commitment to collaboration with union partners and building a future that benefits employees, customers, and communities. CSX aims to reach similar agreements with other unions in the coming days.
CSX (NASDAQ: CSX) ha annunciato nuovi accordi collettivi provvisori di cinque anni con sette ulteriori sindacati, che coprono vari gruppi di dipendenti tra cui manutenzione, meccanici, capi stazione e supervisori. Questi accordi, in attesa di ratifica, sono stati raggiunti più di quattro mesi prima che i contratti attuali possano essere modificati. CSX ha ora assicurato 12 distinti accordi provvisori, coprendo oltre il 50% dei suoi dipendenti sindacalizzati.
Gli accordi offrono salari migliorati, assistenza sanitaria e benefici per il tempo di permesso retribuito. Il presidente e CEO di CSX, Joe Hinrichs, ha sottolineato l’impegno dell’azienda nella collaborazione con i partner sindacali e nel costruire un futuro che avvantaggi dipendenti, clienti e comunità. CSX punta a raggiungere accordi simili con altri sindacati nei prossimi giorni.
CSX (NASDAQ: CSX) ha anunciado nuevos acuerdos colectivos provisionales de cinco años con siete sindicatos adicionales, que abarcan varios grupos de empleados, incluidos mantenimiento, maquinistas, capataces y supervisores. Estos acuerdos, pendientes de ratificación, se lograron más de cuatro meses antes de que los contratos actuales puedan ser modificados. CSX ahora ha asegurado 12 acuerdos provisionales separados, que cubren más del 50% de sus empleados sindicalizados.
Los acuerdos ofrecen mejores salarios, atención médica y beneficios por tiempo libre pagado. El presidente y CEO de CSX, Joe Hinrichs, enfatizó el compromiso de la empresa con la colaboración con los socios sindicales y la construcción de un futuro que beneficie a los empleados, clientes y comunidades. CSX tiene como objetivo alcanzar acuerdos similares con otros sindicatos en los próximos días.
CSX (NASDAQ: CSX)는 5년간의 새로운 잠정 단체 협약을 7개의 추가 노동 조합과 체결했다고 발표했습니다. 이 협정은 유지보수, 기계공, 야드 마스터 및 감독자를 포함한 다양한 직원 그룹을 포함하고 있습니다. 이러한 협정은 현재 계약이 수정 가능한 시점보다 4개월 이상 이전에 도달했습니다. CSX는 현재 50% 이상의 조합원을 포함하는 12개의 개별 잠정 협정이 확보되었습니다.
협정에는 임금 인상, 의료 혜택 및 유급 휴가가 포함됩니다. CSX의 회장 겸 CEO인 Joe Hinrichs는 노동 조합 파트너와의 협력 및 직원, 고객 및 지역 사회에 혜택이 되는 미래를 구축하겠다는 회사의 약속을 강조했습니다. CSX는 향후 며칠 내에 다른 조합과 유사한 협정을 체결할 계획입니다.
CSX (NASDAQ: CSX) a annoncé de nouveaux accords collectifs provisoires de cinq ans avec sept syndicats supplémentaires, couvrant divers groupes d’employés, y compris ceux de l’entretien, des machinistes, des chefs de gare et des superviseurs. Ces accords, en attente de ratification, ont été conclus plus de quatre mois avant que les contrats actuels ne puissent être modifiés. CSX a maintenant sécurisé 12 accords provisoires distincts, couvrant plus de 50 % de ses employés syndiqués.
Les accords prévoient des salaires améliorés, des soins de santé et des congés payés. Le président et PDG de CSX, Joe Hinrichs, a souligné l’engagement de l’entreprise envers la collaboration avec les partenaires syndicaux et la création d’un avenir bénéfique pour les employés, les clients et les communautés. CSX vise à conclure des accords similaires avec d’autres syndicats dans les jours à venir.
CSX (NASDAQ: CSX) hat neue vorläufige fünfjährige Tarifverträge mit sieben zusätzlichen Gewerkschaften angekündigt, die verschiedene Mitarbeitergruppen, einschließlich Instandhaltung, Mechaniker, Yardmaster und Aufsichtspersonen, abdecken. Diese Vereinbarungen, die noch ratifiziert werden müssen, wurden mehr als vier Monate bevor die aktuellen Verträge geändert werden können getroffen. CSX hat nun 12 separate vorläufige Vereinbarungen gesichert, die über 50% seiner tarifgebundenen Mitarbeiter abdecken.
Die Vereinbarungen bieten verbesserte Löhne, Gesundheitsversorgung und bezahlte Freizeit. CSX-Präsident und CEO Joe Hinrichs betonte das Engagement des Unternehmens für die Zusammenarbeit mit den Gewerkschaftspartnern und den Aufbau einer Zukunft, die den Mitarbeitern, Kunden und Gemeinden zugutekommt. CSX strebt an, in den kommenden Tagen ähnliche Vereinbarungen mit anderen Gewerkschaften zu erreichen.
Positive
- Reached agreements with 7 additional labor unions, covering over 50% of union employees
- Agreements include improved wages, health care, and paid time off benefits
- Agreements reached 4 months ahead of schedule, indicating proactive labor relations
These labor agreements mark a significant milestone for CSX, demonstrating proactive management and strong union relations. By securing agreements with seven additional unions, covering over 50% of union employees, CSX has mitigated potential labor disruptions and ensured operational stability. The five-year duration of these agreements provides a substantial period of labor peace, allowing CSX to focus on long-term strategic planning and operational improvements.
The early completion of these agreements, four months ahead of schedule, is particularly noteworthy. It suggests a collaborative negotiation process and mutual understanding between management and unions. This proactive approach could position CSX favorably compared to competitors who may face more contentious negotiations. The aligned terms across agreements, offering improved wages, healthcare and paid time off, indicate a standardized approach that could streamline HR processes and boost employee satisfaction across various roles.
While specific financial details are not disclosed, these agreements likely represent a significant investment in CSX’s workforce. Improved wages and benefits will increase operational costs in the short term. However, this investment could yield long-term benefits through increased productivity, reduced turnover and improved labor relations. The stability provided by these five-year agreements allows for more accurate financial forecasting and potentially smoother operations.
Investors should consider the potential impact on CSX’s operating ratio, a key efficiency metric in the railroad industry. While labor costs may increase, the resulting operational stability and potential productivity gains could offset these expenses. Additionally, the proactive nature of these agreements may be viewed positively by the market, potentially supporting CSX’s stock valuation. However, the full financial impact will depend on the specific terms of the agreements and their implementation.
CSX’s success in reaching these agreements positions it well within the highly competitive railroad industry. Labor relations have been a significant challenge for many rail operators, with strikes and work stoppages causing disruptions and financial losses. By securing agreements with a diverse range of unions, including maintenance, mechanical and supervisory roles, CSX has addressed potential vulnerabilities across its operations.
The emphasis on collaboration and creating “ONE CSX” suggests a strategic focus on corporate culture and employee engagement. This approach could lead to improved operational efficiency and customer service, potentially giving CSX a competitive edge. The agreements’ focus on work environment improvements aligns with industry trends towards modernization and employee retention. As the transportation sector faces challenges like labor shortages and technological disruption, CSX’s proactive stance on labor relations could prove to be a significant strategic advantage.
JACKSONVILLE, Fla., Aug. 23, 2024 (GLOBE NEWSWIRE) — CSX (NASDAQ: CSX) today announced that it has reached new tentative five-year collective bargaining agreements with seven additional labor unions. These agreements cover the following groups:
- The Brotherhood of Maintenance of Way Employes Division of the International Brotherhood of Teamsters (BMWED), covering maintenance of way employees;
- The International Association of Machinists & Aerospace Workers (IAM) covering machinists and roadway mechanics.
- The International Association of Sheet Metal, Air, Rail and Transportation Workers – Transportation Division (SMART-TD), covering the yardmasters;
- The Brotherhood of Railway Carmen (BRC) covering carmen at the Fruit Growers Express Company subsidiary of CSX;
- The Transportation Communications Union (TCU) covering the clerical craft at Fruit Growers Express;
- The American Railway and Airway Supervisors’ Association (ARASA) covering mechanical department supervisors; and
- The B&O Joint Council (BOJC) covering mechanical department foremen/supervisors.
CSX President and CEO Joe Hinrichs commented, “We are incredibly pleased to have reached these tentative agreements ahead of the re-negotiation process, reflecting our strong commitment to collaboration with our union partners. These agreements are a testament to the hard work and dedication of all parties involved, ensuring a bright future for our workforce and the sustained success of CSX operations. Together, as ONE CSX, we are building a path forward that benefits our employees, 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. With these new agreements, CSX has now reached a total of 12 separate tentative agreements, covering more than 50% of its union employees. 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. More information about CSX Corporation and its subsidiaries is available at www.csx.com. Like us on Facebook (http://facebook.com/OfficialCSX) and follow us on X, formerly known as Twitter (http://twitter.com/CSX).
Contact:
Matthew Korn, CFA, Investor Relations
904-366-4515
Bryan Tucker, Corporate Communications
855-955-6397
FAQ
What labor agreements has CSX (NASDAQ: CSX) recently achieved?
CSX has reached new tentative five-year collective bargaining agreements with seven additional labor unions, covering various employee groups including maintenance, machinists, yardmasters, and supervisors.
How many union employees are covered by CSX’s recent agreements?
CSX has now reached a total of 12 separate tentative agreements, covering more than 50% of its union employees.
What benefits are included in CSX’s new labor agreements?
The new agreements provide improved wages, health care, and paid time off benefits for CSX employees.
When were these new CSX labor agreements reached in relation to the current contracts?
The new agreements were reached more than four months before the current collective agreements become amendable under the federal Railway Labor Act.
