INTERNATIONAL ASSOCIATION OF MACHINISTS RATIFIES NEW
LABOR AGREEMENT WITH LOCKHEED MARTIN AERONAUTICS
FORT WORTH, Texas, June 28,
2012 – Lockheed Martin [NYSE: LMT] has reached a new labor agreement with
District Lodge 776 of the International Association of Machinists and Aerospace
Workers (IAM), the largest union at its Fort Worth, Tex., aircraft manufacturing
facility. Union members voted to accept the proposal in a meeting today, ending
a work stoppage that began April 23.
The four-year contract will
allow the union members to report to work beginning Monday, July 2, and resume
their roles in manufacturing, assembly and testing of the F-35 Lightning II,
F-16 Fighting Falcon and other products supporting the defense of the United
States and allied nations.
"With the new
contract in place, we can continue concentrating on the critical requirements of
our customers and our important mission of producing the world's most advanced,
highest quality combat aircraft at the Fort Worth facility," said Larry Lawson,
executive vice president of Lockheed Martin’s Aeronautics business area.
“We’re pleased that the entire Aeronautics
team will be back in place and working together again on our important
programs.”
With approximately 3,600
members, the Fort Worth IAM represents production and maintenance employees,
firefighters and occupational heath nurses. Union members are assigned at the
Fort Worth facility, where most are based, and at Edwards Air Force Base,
Calif., and NAS Patuxent River, Md.
The agreement accepted by the
IAM provides the union members general wage increases, cash payments, a choice
of health plans, and other compensation and benefits. The agreement compensates
union members fairly while allowing Lockheed Martin Aeronautics to be
competitive for new contracts and respond to customer demands for greater
affordability in defense products.
The agreement was reached in
discussions monitored by the Federal Mediation and Conciliation Service, which
brought the parties together for negotiations that continued June 20-23.
Headquartered in Bethesda, Md., Lockheed
Martin is a global security company that employs about 123,000 people
worldwide and is principally engaged in the research, design, development,
manufacture, integration and sustainment of advanced technology systems,
products and services. The Corporation's net sales for 2011 were $46.5 billion.
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