ABF Teamster Employees Ratify Five-Year National Labor Agreement
- Majority of contract supplements also ratified
- Company expects remaining supplements to be resolved and re-voted in near
FORT SMITH, Ark., June 27, 2013
FORT SMITH, Ark., June 27, 2013 /PRNewswire/ -- Arkansas Best Corporation
(Nasdaq: ABFS) today reported that its ABF Freight System, Inc., employees
represented by the International Brotherhood of Teamsters, have ratified ABF's
national collective bargaining agreement for the next five years, a critical
step in helping return ABF to its historic profitability.
A majority of the supplements to the ABF National Master Freight Agreement
also passed. The remaining supplemental agreements that require additional
action cover various local work rule and other technical items and do not
affect the major economic terms that are covered by the now-ratified ABF NMFA.
Voter turnout was strong, with more than 6,100 ballots cast and counted.
"We are very pleased that our Teamster employees have ratified the ABF NMFA,
which is a critical step to putting ABF back on the path to profitability
while still preserving the best-paying jobs and benefits in the industry,"
said ABF Freight System President and Chief Executive Officer Roy Slagle. "We
know this was a difficult decision for our union workforce, following many
sacrifices made in recent years by our non-union employees, and we look
forward to resolving the remaining supplements in the near term."
Judy R. McReynolds, Arkansas Best President and Chief Executive Officer, added
that the new contract at ABF, once concluded, is just one of many corporate
initiatives underway to deliver superior value to customers and shareholders
through an expanding array of logistics and transportation solutions.
"As we near the end of this contract negotiation process, we are looking
forward not only to a more efficient, profitable ABF but also to continued
strong contributions from our non-asset-based, emerging businesses,"
McReynolds said. "With the addition of premium logistics provider Panther
Expedited Services a year ago and continued investments in technology and
people, our emerging businesses are all poised for additional revenue growth
and greater cross-selling opportunities both within our existing ABF customer
base and throughout the broader transportation marketplace."
About Arkansas Best
Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a freight
transportation services and solutions provider. Through its various
subsidiaries, Arkansas Best offers a wide variety of logistics solutions
including: domestic and global transportation of less-than-truckload ("LTL")
and full load shipments, expedited ground and time-definite delivery
solutions, freight forwarding services, freight brokerage, oversight of
roadside assistance and equipment services for commercial vehicles, and
household goods moving market services for consumers, corporations, and the
military. More information is available at arkbest.com, abf.com and
The following is a "safe harbor" statement under the Private Securities
Litigation Reform Act of 1995: Statements contained in this report that are
not based on historical facts are "forward-looking statements." Terms such as
"anticipate," "believe," "estimate," "expect," "forecast," "intend," "plan,"
"predict," "prospects," "scheduled," "should," "would," and similar
expressions and the negatives of such terms are intended to identify
forward-looking statements. Such statements are by their nature subject to
uncertainties and risk including, but not limited to, a workforce stoppage by
our employees covered under our collective bargaining agreement or unfavorable
terms of future collective bargaining agreements; general economic conditions
and related shifts in market demand that impact the performance and needs of
industries served by Arkansas Best Corporation's subsidiaries and/or limit our
customers' access to adequate financial resources; relationships with
employees, including unions; union and nonunion employee wages and benefits,
including changes in required contributions to multiemployer pension plans;
competitive initiatives, pricing pressures, the effect of volatility in fuel
prices and the associated changes in fuel surcharges on securing increases in
base freight rates and the inability to collect fuel surcharges; availability
of fuel; default on covenants of financing arrangements and the availability
and terms of future financing arrangements; availability and cost of reliable
third-party services; disruptions or failures of services essential to the use
of information technology platforms in our business; availability, timing, and
amount of capital expenditures; future costs of operating expenses such as
fuel and related taxes; self-insurance claims and insurance premium costs;
governmental regulations and policies; future climate change legislation;
potential impairment of goodwill and intangible assets; the cost, timing, and
performance of growth initiatives; the impact of our brand and corporate
reputation; the cost, integration, and performance of any future acquisitions;
the costs of continuing investments in technology, a failure of our
information systems, and the impact of cyber incidents; weather conditions;
and other financial, operational, and legal risks and uncertainties detailed
from time to time in Arkansas Best Corporation's Securities and Exchange
Commission ("SEC") public filings.
Investors: Mr. David Humphrey, Vice President, Investor
Telephone: (479) 785-6200
Media: Ms. Kathy Fieweger, Vice President, Marketing and
Telephone: (479) 719-4358
SOURCE Arkansas Best Corporation
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