Ok, you say you're not convinced on the amount of money ABF has lost the last few years. Do we need to know the exact dollar figure the company has lost? Well, in the range of 200 to 250 million. These are substantial losses.
Our non-union competion such FedEx and Old Dominion in that same time have made Billions in profit.
Our union competion like UPS Freight does pay their drivers more in hourly and mileage pay but they require contributions by the employee for coverage of a spouse and their pension is controlled completely by UPS. Oh, and of course the biggest issue is UNLIMITED SUBCONTRACTING! Which as a consequence greatly reduces the hiring of new Teamsters jobs.
The other union competion still cannot make money even after unprecedented wage and pension concessions and they currently have a public offer to buy the assets of our company at $18 a share.
Papajohn, do you think ABF exists simply to employ union labor? Papa john, do you understand that if the cannot make money it is inevitable they will liquidate there assets? Papa john, does it seem possible that management is trying to get the type of contract that will allow them to compete for the long term in ltl industry? Papa john, is it an overly dramatic if not false statement to say this contract gives up everything your Teamster forefathers fought for considering a) this "contract" continues to fund Teamster pensions at a full contributor level b) maintains are excellent health and welfare plan and requires zero contributions from our paycheck c) wages at the upper end of the ltl industry albeit not at the very top d) the concept of a contract stays in place whereby we can grieve our employer and challenge them on disputable contract language and issues
It is logic and common sense to avoid certain pitfalls that could possibly lead to your ultimate destruction, not fear! This public offering by YRC would have tragic consequences if it were to happen for every ABF Employee and I am willing to take a substandard contract considering the realities of the LTL Marketplace.