Teamsters employed at ABF Freight System have rejected a Wage Reduction-Job Security plan aimed at protecting the jobs of more than 7,000 workers and securing their health, welfare and pension benefits for the remainder of the National Master Freight Agreement.
The audio from the ABF conference call that took place the evening of April 27, 2010 is now available. Meanwhile, ballots will be mailed Friday, April 30. Ballots are scheduled to be counted May 24. Listen to audio here.
The Teamsters’ belief that ABF’s current financial woes require immediate and meaningful economic relief was further validated by the record quarterly operating loss of $35.7 million, which translated into an operating ratio of 110.7, the company reported Friday, April 23.
ABF’s parent, Arkansas Best Corp., reported a net loss of 85 cents per share, or $21.4 million, compared with $18.2 million, or 73 cents a share, a year ago. Analysts were expecting a loss of 63 cents a share, according to Thomson Reuters.
A PowerPoint summary of ABF’s economic challenges that was shown to leaders of ABF local unions on April 19 is available here for members to see. Below is a link to the actual PowerPoint presentation and a link to a printable handout version.
