CSX Announces Ratification of Labor Deal with BMWED
CSX (NASDAQ: CSX) announced that employees represented by The Brotherhood of Maintenance of Way Employes Division (BMWED) have ratified a five-year collective bargaining agreement. The company has now secured agreements with 10 labor unions, covering 13 work groups, representing 42% of its unionized workforce.
The agreement includes improved wages, health care, and paid time off benefits, consistent with terms reached with other unions. CEO Joe Hinrichs emphasized the company's commitment to creating a positive workplace environment and improving safety, efficiency, and service. CSX continues to work towards reaching similar agreements with remaining unions.
CSX (NASDAQ: CSX) ha annunciato che i dipendenti rappresentati dalla Brotherhood of Maintenance of Way Employes Division (BMWED) hanno ratificato un accordo collettivo di lavoro di cinque anni. L'azienda ha ora raggiunto accordi con 10 sindacati, coprendo 13 gruppi di lavoro, che rappresentano il 42% della sua forza lavoro sindacalizzata.
L'accordo include miglioramenti nei salari, nella sanità e nei benefici di ferie retribuite, in linea con i termini raggiunti con altri sindacati. Il CEO Joe Hinrichs ha sottolineato l'impegno dell'azienda a creare un ambiente di lavoro positivo e a migliorare la sicurezza, l'efficienza e il servizio. CSX continua a lavorare per raggiungere accordi simili con i sindacati rimanenti.
CSX (NASDAQ: CSX) anunció que los empleados representados por la Brotherhood of Maintenance of Way Employes Division (BMWED) han ratificado un acuerdo colectivo de trabajo de cinco años. La compañía ahora ha asegurado acuerdos con 10 sindicatos, cubriendo 13 grupos de trabajo, que representan el 42% de su fuerza laboral sindicalizada.
El acuerdo incluye mejoras en salarios, atención médica y beneficios de días de descanso remunerados, de acuerdo con los términos alcanzados con otros sindicatos. El CEO Joe Hinrichs enfatizó el compromiso de la empresa de crear un ambiente laboral positivo y mejorar la seguridad, la eficiencia y el servicio. CSX continúa trabajando para alcanzar acuerdos similares con los sindicatos restantes.
CSX (NASDAQ: CSX)는 Maintenance of Way Employes Division(BMWED) 소속의 직원들이 5년 기간의 단체협약을 비준했다고 발표했습니다. 이 회사는 이제 10개의 노조와 합의에 도달하여 13개의 작업 그룹을 포괄하며, 이는 조합원 직원의 42%를 차지합니다.
해당 계약은 다른 노조와 도달한 조건에 따라 개선된 임금, 건강 관리 및 유급 휴가 혜택을 포함하고 있습니다. CEO Joe Hinrichs는 회사가 긍정적인 직장 환경을 조성하고 안전, 효율성 및 서비스를 개선하려는 의지를 강조했습니다. CSX는 나머지 노조와 유사한 협정을 체결하기 위해 계속 노력하고 있습니다.
CSX (NASDAQ: CSX) a annoncé que les employés représentés par la Brotherhood of Maintenance of Way Employes Division (BMWED) ont ratifié un accord de négociation collective de cinq ans. L'entreprise a maintenant sécurisé des accords avec 10 syndicats, couvrant 13 groupes de travail, représentant 42 % de sa main-d'œuvre syndiquée.
L'accord inclut des salaires améliorés, des soins de santé et des congés payés, conformément aux termes convenus avec d'autres syndicats. Le PDG Joe Hinrichs a souligné l'engagement de l'entreprise à créer un environnement de travail positif et à améliorer la sécurité, l'efficacité et le service. CSX continue de travailler à la conclusion d'accords similaires avec les syndicats restants.
CSX (NASDAQ: CSX) gab bekannt, dass die Mitarbeiter, die von der Brotherhood of Maintenance of Way Employes Division (BMWED) vertreten werden, einen Fünfjahreskollektivvertrag ratifiziert haben. Das Unternehmen hat jetzt Vereinbarungen mit 10 Gewerkschaften gesichert, die 13 Arbeitsgruppen abdecken und 42% seiner gewerkschaftlich organisierten Arbeitskräfte vertreten.
Die Vereinbarung umfasst verbesserte Löhne, Gesundheitsversorgung und bezahlte Urlaubstage, die mit den Bedingungen übereinstimmen, die mit anderen Gewerkschaften erreicht wurden. CEO Joe Hinrichs betonte das Engagement des Unternehmens, ein positives Arbeitsumfeld zu schaffen und Sicherheit, Effizienz und Service zu verbessern. CSX arbeitet weiterhin daran, ähnliche Vereinbarungen mit den verbleibenden Gewerkschaften zu erreichen.
- Successful ratification of five-year labor agreement with BMWED
- 42% of unionized workforce now covered by ratified agreements
- Agreements include improved wages and benefits package
- 58% of unionized workforce still without ratified agreements
Insights
The ratification of this five-year collective bargaining agreement with BMWED represents a significant milestone in CSX's labor relations strategy. The agreement with the maintenance of way employees is particularly important as these workers are responsible for track maintenance and infrastructure - the backbone of railroad operations. With 42% of unionized workforce now under ratified agreements, CSX is building momentum in labor stability.
The uniform terms across agreements, including wage improvements and benefits packages, indicate a standardized approach to labor relations that helps prevent wage disparities and potential union disputes. This strategic alignment in contract terms across different work groups demonstrates strong negotiation planning and helps maintain operational consistency. The successful ratification suggests the terms are competitive within the industry and meet worker expectations in the current economic environment.
The timing of this agreement is opportune given the broader context of labor challenges in the railroad industry over recent years. By securing agreements with 10 unions covering 13 work groups, CSX is positioning itself for improved operational reliability and reduced risk of labor disruptions that could impact service delivery and financial performance.
From a financial perspective, this labor agreement provides important cost visibility and operational stability for the next five years. While specific financial terms aren't disclosed, the standardized nature of the agreements across unions suggests predictable labor cost structures that can be effectively factored into long-term financial planning and pricing strategies.
The progressive resolution of labor agreements reduces a significant risk factor that has historically impacted railroad valuations. With 42% of unionized workforce now under new agreements, CSX is demonstrating effective management of one of its largest operational cost centers. This labor stability is particularly valuable in the current economic environment where service reliability and cost predictability are premium factors for customers and investors.
The market typically responds positively to labor agreement ratifications in the railroad sector, as they remove uncertainty and provide clear visibility on operational costs. This agreement should support CSX's ability to maintain competitive pricing power while managing margins effectively.
JACKSONVILLE, Fla. , Jan. 10, 2025 (GLOBE NEWSWIRE) -- CSX Corporation (NASDAQ: CSX) today announced that employees represented by The Brotherhood of Maintenance of Way Employes Division of the International Brotherhood of Teamsters (BMWED) have voted to ratify the five-year collective bargaining agreement.
“The ratification by the BMWED marks an important advancement in our ongoing collaboration with union leadership,” said Joe Hinrichs, President and CEO of CSX. “CSX remains dedicated to cultivating a workplace environment where every employee feels valued, respected, included, and appreciated. Our collective focus continues to be on improving safety, efficiency, and service together as ONE CSX to build a stronger foundation for our future success.”
To date, CSX has ratified agreements with 10 labor unions, covering 13 different work groups, accounting for 42 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 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
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