October 22, 2011 - Atlas Air Worldwide Holdings, Inc. a global provider of outsourced aircraft and aviation operating services, announced that it has completed a new, five-year collective bargaining agreement with pilots and flight engineers of Atlas Air, Inc. (Atlas) and Polar Air Cargo Worldwide, Inc. (Polar).  

The agreement, which is effective from September 2011, completes the merger of the Atlas and Polar crew forces into a single collective bargaining unit with an integrated seniority list. 

?We are very pleased to have finalized our new collective bargaining agreement with our Atlas and Polar crewmembers,? said John Dietrich, Executive Vice President and Chief Operating Officer of Atlas Air Worldwide.  

?We achieved all of our strategic objectives in this process, including maintaining competitive compensation and benefits for our crewmembers, preserving industry-leading work rules and flexibility, and enhancing overall productivity. Bottom line, we achieved long-term labor stability under a contract framework rarely seen in the aviation industry that provides real value to our crewmembers, customers and stockholders.? 

Under the terms of the new agreement, both pilot groups will be brought to parity with each other and work from a single contract. The merger of the Atlas and Polar crew forces into a single workforce will also enable the Company to better optimize crew work schedules and improve the global scale and efficiency of its entire operation.  

Going forward, all of the Company?s pilots will be able to serve Atlas and Polar aircraft interchangeably. Previously, Atlas pilots could only serve Atlas aircraft and Polar pilots could only serve Polar aircraft.  Mr. Dietrich added: ?The negotiations with Atlas and Polar crewmembers and their representatives from the International Brotherhood of Teamsters were constructive and professional, with a genuine interest by both parties to reach agreement.

"We applaud the union leadership and its efforts in coming to the table and working with us. With our strategic growth initiatives, our effectiveness in executing our business model, and this new agreement, we look forward to driving our revenues and earnings to higher sustained levels over the next several years and beyond.?

Atlas Air Worldwide is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, Atlas Air Worldwide operates the world?s largest fleet of Boeing 747 freighter aircraft.