CSX Corporation announced the ratification of a five-year collective bargaining agreement by IAM employees, enhancing workplace benefits.
Quiver AI Summary
CSX Corporation announced that employees represented by The International Association of Machinists & Aerospace Workers have ratified a five-year collective bargaining agreement, highlighting the strong partnership between the union and company leadership. CSX President and CEO Joe Hinrichs noted the ratification reflects the company's commitment to creating a respectful and valued workplace. To date, CSX has successfully ratified agreements with 11 labor unions, impacting 47 percent of its unionized workforce, providing improvements in wages, health care, and paid time off. CSX is dedicated to continuing collaborations with other unions to enhance the work environment for all employees.
Potential Positives
- Successful ratification of a five-year collective bargaining agreement with IAM strengthens CSX's partnership with union leadership.
- The agreement enhances employee benefits, including improved wages, health care, and paid time off, which helps in attracting and retaining talent.
- With agreements ratified for 47% of its unionized workforce, CSX demonstrates its commitment to labor stability and a positive work environment.
- CSX's focus on collaboration with unions positions the company for continued improvements in safety, efficiency, and service delivery, supporting future growth.
Potential Negatives
- Despite ratification of the collective bargaining agreement with IAM, only 47 percent of CSX's unionized workforce is covered, indicating ongoing negotiations with other groups which may lead to future labor unrest.
- The release may signal potential challenges in labor relations, as the need to negotiate with multiple unions could hinder operational stability and affect employee morale.
- The statement of commitment to enhancing workplace conditions suggests previous dissatisfaction among employees, which could imply underlying issues impacting workforce sentiment.
FAQ
What is the recent announcement made by CSX Corporation?
CSX Corporation announced that employees represented by IAM ratified a five-year collective bargaining agreement.
How many labor unions have CSX ratified agreements with?
CSX has ratified agreements with 11 labor unions, covering 14 different work groups.
What benefits are included in the new collective bargaining agreement?
The agreement includes improved wages, health care, and paid time off benefits for employees.
Who is the CEO of CSX Corporation?
Joe Hinrichs is the President and CEO of CSX Corporation.
What is CSX's role in the transportation industry?
CSX is a premier transportation company providing rail, intermodal, and transload services across various markets in the U.S.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CSX Insider Trading Activity
$CSX insiders have traded $CSX stock on the open market 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $CSX stock by insiders over the last 6 months:
- NATHAN D GOLDMAN (EVP & CLO) has made 0 purchases and 2 sales selling 118,588 shares for an estimated $4,197,315.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CSX Hedge Fund Activity
We have seen 681 institutional investors add shares of $CSX stock to their portfolio, and 811 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- JPMORGAN CHASE & CO added 16,687,596 shares (+18.4%) to their portfolio in Q4 2024, for an estimated $538,508,722
- AMERIPRISE FINANCIAL INC added 9,863,587 shares (+89.7%) to their portfolio in Q4 2024, for an estimated $318,297,952
- PRICE T ROWE ASSOCIATES INC /MD/ removed 7,961,244 shares (-13.7%) from their portfolio in Q4 2024, for an estimated $256,909,343
- BANK OF NEW YORK MELLON CORP added 6,730,316 shares (+40.5%) to their portfolio in Q4 2024, for an estimated $217,187,297
- CAPITAL WORLD INVESTORS removed 6,493,505 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $209,545,406
- MITSUBISHI UFJ TRUST & BANKING CORP added 5,568,624 shares (+471.9%) to their portfolio in Q4 2024, for an estimated $179,699,496
- FIDUCIARY MANAGEMENT INC /WI/ added 5,523,970 shares (+inf%) to their portfolio in Q4 2024, for an estimated $178,258,511
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
JACKSONVILLE, Fla., March 03, 2025 (GLOBE NEWSWIRE) -- CSX Corporation (NASDAQ: CSX) today announced that employees represented by The International Association of Machinists & Aerospace Workers (IAM) have voted to ratify the five-year collective bargaining agreement.
“IAM’s ratification is a testament to the strength of our partnership with union leadership,” said Joe Hinrichs, President and CEO of CSX. “This underscores our commitment to fostering a workplace where every employee feels valued and respected. Together, as ONE CSX, we will continue enhancing safety, efficiency, and service to secure sustained growth.”
To date, CSX has ratified agreements with 11 labor unions, covering 14 different work groups, accounting for 47 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
