February 19, 2007
Jeffboat and Teamsters in three year agreement
American Commercial Lines Inc. (Nasdaq: ACLI) reports it has secured a three year agreement for its Jeffboat shipyard employees with Teamsters Local Union No. 89.
The three year agreement, which was ratified by over 95% of the voters, provides for first year wage increases ranging from 5% to 18% for various job positions resulting in an overall average wage increase of approximately 11%.
Mark R. Holden, President and CEO stated, "With this agreement, the company is well underway toward achieving our primary goal of being the 'employer of choice; in the local community and positions ACL to recruit and retain the most qualified employees. The agreement is the result of a remarkable cooperative effort to negotiate a contract that benefits both employees and the company. We wish to thank Fred Zuckerman, President, Teamsters Local 89 and the Bargaining Committee for helping us position the shipyard for future growth."
Mr. Zuckerman commented, "We have reached an agreement that recognizes our members' valuable and dedicated service to the company. We appreciate management's new approach to labor relations and look forward to a prosperous relationship with Jeffboat."