Atlas Air Announces Flight Crew Furlough.Business Editors PURCHASE, N.Y.--(BUSINESS WIRE)--March 22, 2002 In response to continuing softness in demand for heavy lift air services, Atlas Air, Inc. today announced the furlough fur·lough n. 1. a. A leave of absence or vacation, especially one granted to a member of the armed forces. b. A usually temporary layoff from work. c. of a portion of its crewmember workforce. The furlough, effective May 1, will initially consist of 25 employees. This action is a follow-up to last year's crewmember furlough. "We are currently in the low point of the annual freight cycle, which has been further impacted by the global manufacturing recession. As a result, our crewmember workforce is presently overstaffed o·ver·staff tr.v. o·ver·staffed, o·ver·staff·ing, o·ver·staffs To supply with too many employees: Management was careful not to overstaff the agency. ," said Richard Shuyler, Chief Executive Officer of Atlas Air, Inc. "While we continue to see signs of an economic recovery, it is only prudent to more closely match our crew staffing levels to the current level of activity in the market." The furlough could ultimately include up to 170 crewmembers, depending on market conditions. In order to provide sufficient time to retrain re·train tr. & intr.v. re·trained, re·train·ing, re·trains To train or undergo training again. re·train crewmembers who will be reassigned to a different equipment type, the furlough will be phased in over a period of thirteen months. Atlas Air operates Boeing 747-400F's and 747-200F's; each aircraft type has certain unique training requirements. "It is never an easy decision to furlough valued employees," Shuyler added. "However, it is necessary to take this difficult step to meet our current business needs. We hope that the economic conditions that prompted it will improve sooner rather than later, to a point that will obviate ob·vi·ate tr.v. ob·vi·at·ed, ob·vi·at·ing, ob·vi·ates To anticipate and dispose of effectively; render unnecessary. See Synonyms at prevent. the need for the greater part of this furlough." Atlas Air currently employs a total of 1,109 employees, of which 757 are pilots and flight engineers. Atlas Air, Inc. is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Atlas Air Worldwide Holdings, Inc. (NYSE NYSE See: New York Stock Exchange :CGO CGO Cargo CGO Code Generation and Optimization CGO Cogeco Inc (stock symbol) CGO Zhengzhou, China (Airport Code) CGO Chief Globalization Officer CGO Company Grade Officer ) and is a United States certificated air carrier. Atlas Air offers its customers a complete line of freighter services, specializing in ACMI contracts. These contracts include the provision by Atlas Air of the Aircraft, Crew, Maintenance and Insurance for some of the world's leading international carriers. |
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