ABF Freight System reached a tentative five-year contract with the Teamsters union May 3.
The union and the less-than-truckload carrier did not release details on the agreement covering 7,500 ABF Teamsters employees. "No details will be released until leaders from ABF local unions meet in the near future to review the tentative agreement," Gordon Sweeton, co-chairman of the ABF Teamsters National Negotiating Committee, said in a statement.
ABF said the tentative deal would "put ABF on a path of profitability" and secure jobs and retirement benefits while maintaining "the best paying jobs in the freight industry."
The Fort Smith, Ark.-based carrier reported a $13.4 million net loss in the first quarter. Last year, ABF lost a total of $19.4 million.
The company set out to secure wage and benefit concessions and greater operating flexibility when it launched negotiations late last year. ABF is the third-largest unionized trucking company ranked by revenue, after YRC Freight and UPS Freight.
YRC Worldwide is the largest Teamsters employer in trucking, while UPS is the largest Teamsters employer overall. UPS and the union recently agreed on tentative contracts for package and freight workers.
ABF is the sixth-largest LTL carrier by revenue, according to SJ Consulting Group.