by Chris Bahn
Posted 5/3/2013 06:01 pm
Updated 2 years ago
Arkansas Best Freight and the Teamsters have reached a tentative agreement on a five-year contract.
Specifics of the contract were not immediately available and the Teamsters, via a post online, said "no further details will be released until leaders from Teamster local unions that represent ABF members meet in the near future to review the tentative agreement and decide whether to endorse it."
ABF, a subsidiary of publicly traded Arkansas Best Corp. of Fort Smith (Nasdaq:%%ABFS%%), said it reached its "stated goals." Those goals included:
• Maintain the best-paying jobs in the freight industry
• Stay in our current pension funds
• Ensure our employees have great benefits
• Adapt to the changing needs of our customers
• Put ABF on a path of profitability to secure jobs and retirement benefits, now and in the future
"We thank the negotiating teams for their hard work over many months in reaching a mutually beneficial agreement," the ABF statement said.
ABF and the Teamsters began negotiations in December. They twice extended the deadline for negotiations after the March 31 expiration of the Natinoal Master Freight Agreement expired.
Arkansas Business will update this story.