Business

May 21, 2012

Lockheed Martin Aeronautics reaches new contracts with two unions

Members of the International Brotherhood of Electrical Workers and the Office and Professional Employees International Union have ratified new labor agreements with Lockheed Martin Aeronautics in Fort Worth Texas.

The new agreements became effective May 21 and extend for four and five years, respectively.

The IBEW members approved their agreement in a vote May 18, and the OPEIU members approved their agreement May 19.

The IBEW represents about 70 employees at the company’s Fort Worth site, while the OPEIU represents about 430. The unions and company have been negotiating for the past month.

“We’re pleased the union members ratified these new agreements,” said Bridget Lauderdale, vice president of Aeronautics Operations at Lockheed Martin. “Our employees perform a critical task for our customers and the nation through their work supporting the F-35, F-16 and other business programs, and these new agreements will allow us to sustain those activities while also positioning the company for efficiency and affordability.”

The union members will each receive a $3,000 ratification bonus and general wage increases over the term of the agreements. The agreements also include Cost of Living Adjustment provisions and will increase future pension benefits by 14 percent, to $90 per month per year of credited service for eligible current employees. These new agreements offer a choice of two health insurance options: the LM HealthWorks plan which is standard throughout Lockheed Martin, or an Aetna HMO.

These ratified contracts also include a defined contribution pension plan for new hire employees in lieu of a defined benefit pension plan. These terms are similar to what Lockheed Martin offered to the International Association of Machinists and Aerospace Workers in Fort Worth, Naval Air Station Patuxent River, Md., and Edwards Air Force Base, Calif., which the IAM rejected April 22, resulting in the ongoing strike.




All of this week's top headlines to your email every Friday.


 
 

 

Headlines August 1, 2014

News: Military downsizing leaves U.S. too weak to counter global threats, panel finds - An independent panel appointed by the Pentagon and Congress said July 31 that President Obama’s strategy for sizing the armed services is too weak for today’s global threats. Defense industry funds flow to contenders for key House chairmanships - Four of the top...
 
 

News Briefs August 1, 2014

China allows foreign reporters at news conference Foreign reporters are being allowed to attend China’s Defense Ministry briefings for the first time, marking a small milestone in the increasingly confident Chinese military’s efforts to project a more transparent image. Restrictions still apply and there is no sign of an improvement in the generally paltry amount...
 
 
Army photograph by John Andrew Hamilton

Rapid Equipping Force, PEO Soldier test targeting device at White Sands Missile Range

Army photograph by John Andrew Hamilton SFC Justin Rotti, a combat developer from the Training and Doctrine Command Fire Cell, Fires Center of Excellence, uses a developmental hand held precision targeting device during a test ...
 

 

NASA awards modification for geophysics, geodynamics, space geodesy support contract

NASA has awarded a modification to Stinger Ghaffarian Technologies Inc. of Greenbelt, Md. to continuing working the the Geophysics, Geodynamics and Space Geodesy Support Services contract. The maximum ordering value of the GGSG contract will increase to $76.8 million. The previous amount was $49.5 million. The increase in the maximum ordering value of the contract...
 
 
boeing-japan

Boeing, All Nippon Airways finalize order for 40 wide-body airplanes

  Boeing and All Nippon Airways July 31 finalized an order for 40 widebody airplanes – 20 777-9Xs, 14 787-9 Dreamliners and six 777-300ERs (Extended Range) – as part of the airline’s strategic long-haul fleet ren...
 
 

Excalibur Ib enters full rate production, receives $52 million award

TUCSON, Ariz., July 31, 2014 /PRNewswire/ — Raytheon’s Excalibur Ib precision guided projectile has entered full rate production. U.S. Army approval of FRP completes Excalibur Ib’s low rate initial production phase. †Additionally, the U.S. Army has awarded Raytheon $52 million for continued Excalibur Ib production. “The full rate production decision is the culmination ...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>