CSX Announces Ratification of Labor Deal with BMWED
Rhea-AI Summary
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.
Positive
- 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
Negative
- 58% of unionized workforce still without ratified agreements
News Market Reaction
On the day this news was published, CSX gained 0.35%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
What percentage of CSX's unionized workforce is covered by ratified agreements as of January 2025?
What are the key terms of CSX's new labor agreement with BMWED?
How long is the new CSX-BMWED labor agreement valid for?
How many labor unions has CSX reached agreements with as of January 2025?
