Atlas Air and Polar Air Cargo Worldwide Finalize New Labor Agreement with Pilots
October 19 2011 - 8:36AM
Business Wire
Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading
global provider of outsourced aircraft and aviation operating
services, today announced that it has completed a new, five-year
collective bargaining agreement with pilots and flight engineers of
Atlas Air, Inc. (Atlas) and Polar Air Cargo Worldwide, Inc.
(Polar). The agreement, which is effective from September 2011,
completes the merger of the Atlas and Polar crew forces into a
single collective bargaining unit with an integrated seniority
list.
“We are very pleased to have finalized our new collective
bargaining agreement with our Atlas and Polar crewmembers,” said
John Dietrich, Executive Vice President and Chief Operating Officer
of Atlas Air Worldwide.
“We achieved all of our strategic objectives in this process,
including maintaining competitive compensation and benefits for our
crewmembers, preserving industry-leading work rules and
flexibility, and enhancing overall productivity. Bottom line, we
achieved long-term labor stability under a contract framework
rarely seen in the aviation industry that provides real value to
our crewmembers, customers and stockholders.”
Under the terms of the new agreement, both pilot groups will be
brought to parity with each other and work from a single
contract.
The merger of the Atlas and Polar crew forces into a single
workforce will also enable the Company to better optimize crew work
schedules and improve the global scale and efficiency of its entire
operation. Going forward, all of the Company’s pilots will be able
to serve Atlas and Polar aircraft interchangeably. Previously,
Atlas pilots could only serve Atlas aircraft and Polar pilots could
only serve Polar aircraft.
Mr. Dietrich added: “The negotiations with Atlas and Polar
crewmembers and their representatives from the International
Brotherhood of Teamsters were constructive and professional, with a
genuine interest by both parties to reach agreement. We applaud the
union leadership and its efforts in coming to the table and working
with us.
“With our strategic growth initiatives, our effectiveness in
executing our business model, and this new agreement, we look
forward to driving our revenues and earnings to higher sustained
levels over the next several years and beyond.”
Atlas Air Worldwide continues to deliver performance and value
for customers and investors by executing on a strategic plan to
grow the Company’s fleet and core ACMI (aircraft, crew, maintenance
and insurance) business with next-generation 747-8 freighters,
further expand its asset-light CMI (crew, maintenance and
insurance) operations, and grow its new passenger charter
operations.
About Atlas Air Worldwide:
Atlas Air Worldwide is the parent company of Atlas Air, Inc.
(Atlas) and Titan Aviation Leasing (Titan), and is the majority
shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through
Atlas and Polar, Atlas Air Worldwide operates the world’s largest
fleet of Boeing 747 freighter aircraft.
Atlas, Titan and Polar offer a range of outsourced aircraft and
aviation operating services and solutions that include ACMI service
– in which customers receive an aircraft, crew, maintenance and
insurance on a long-term lease basis; CMI service, for customers
that provide their own aircraft; express network and scheduled air
cargo service; military cargo and passenger charters; commercial
cargo and passenger charters; and dry leasing of aircraft and
engines.
Atlas Air Worldwide’s press releases, SEC filings and other
information may be accessed through the Company’s home page,
www.atlasair.com.
This release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
that reflect Atlas Air Worldwide’s current views with respect to
certain current and future events and financial performance. Such
forward-looking statements are and will be, as the case may be,
subject to many risks, uncertainties and factors relating to the
operations and business environments of Atlas Air Worldwide and its
subsidiaries (collectively, the “companies”) that may cause the
actual results of the companies to be materially different from any
future results, express or implied, in such forward-looking
statements.
Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not limited
to, the following: the ability of the companies to operate pursuant
to the terms of their financing facilities; the ability of the
companies to obtain and maintain normal terms with vendors and
service providers; the companies’ ability to maintain contracts
that are critical to their operations; the ability of the companies
to fund and execute their business plan; the ability of the
companies to attract, motivate and/or retain key executives and
associates; the ability of the companies to attract and retain
customers; the continued availability of our wide-body aircraft;
demand for cargo services in the markets in which the companies
operate; economic conditions; the effects of any hostilities or act
of war (in the Middle East or elsewhere) or any terrorist attack;
labor costs and relations; financing costs; the cost and
availability of war risk insurance; our ability to maintain
adequate internal controls over financial reporting; aviation fuel
costs; security-related costs; competitive pressures on pricing
(especially from lower-cost competitors); volatility in the
international currency markets; weather conditions; government
legislation and regulation; consumer perceptions of the companies’
products and services; anticipated and future litigation; and other
risks and uncertainties set forth from time to time in Atlas Air
Worldwide’s reports to the United States Securities and Exchange
Commission.
For additional information, we refer you to the risk factors set
forth under the heading “Risk Factors” in the Annual Report on Form
10-K filed by Atlas Air Worldwide with the Securities and Exchange
Commission on February 14, 2011. Other factors and assumptions not
identified above may also affect the forward-looking statements,
and these other factors and assumptions may also cause actual
results to differ materially from those discussed.
Atlas Air Worldwide assumes no obligation to update such
statements contained in this release to reflect actual results,
changes in assumptions or changes in other factors affecting such
estimates other than as required by law.
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