Business

May 22, 2012

Lockheed Martin reaches new contract with UAW Union in Orlando, Denver, Baltimore

The International Union, United Automobile, Aerospace and Agricultural Implement Workers of America ratified a new master labor agreement with Lockheed Martin covering approximately 650 workers at three sites.

The new five-year agreement, ratified over the weekend, becomes effective immediately.

The bargaining unit represents workers at Lockheed Martin Space Systems Company in Denver, Lockheed Martin Mission Systems & Sensors in Baltimore and Lockheed Martin Missiles and Fire Control in Orlando.

The company and union negotiated a new agreement that provides competitive wages over the next five years through a combination of a $2,000 ratification bonus, three general wage increases, two lump sum payments and cost of living adjustments, while enhancing member job security.

At a time of unprecedented healthcare inflation and elimination of medical plans, the agreement retains the one medical plan most utilized by the represented employees. In addition to this plan, Lockheed Martin’s HealthWorks plan will be offered.

The company also increased the pension rate to $72 per month per year of credited service for eligible employees, and made enhancements to the employees’ savings plan. With the combination of the pension and Performance Sharing Plan 401(k), this provides employees and their families with powerful resources to plan for a secure financial future.




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


 
 

 

Raytheon awarded $251 million Tomahawk missile contract

The U.S. Navy has awarded Raytheon a $251 million contract to procure Tomahawk Block IV tactical cruise missiles for fiscal year 2014 with an option for 2015. The contract calls for Raytheon to build and deliver Tomahawk Block IV cruise missiles to the U.S. Navy and U.K. Royal Navy. Raytheon will also conduct flight tests...
 
 
Raytheon photograph

Poland’s TELDAT, Raytheon partner to develop new Patriot router

Raytheon photograph TELDAT President and CEO Henryk Kruszynski and Daniel J Crowley, president, Raytheon Integrated Defense Systems. Raytheon is partnering with TELDAT to develop and produce advanced militarized routers for the...
 
 
boeing-etihad

Boeing, Etihad Airways unveil livery of airline’s first 787-9 Dreamliner

Boeing Sept. 28 rolled out of its paint hangar the first 787-9 Dreamliner that will be delivered to Etihad Airways. The airplane is painted in the airline’s new ‘Facets of Abu Dhabi’ livery with colors reminis...
 

 

Northrop Grumman advances unmanned systems capabilities for maritime missions

EL SEGUNDO, Calif. ñ Northrop Grumman developing new, advanced unmanned systems to support the Department of Defense’s capability to deploy global persistent intelligence, surveillance, reconnaissance and strike capabilities in a faster and more cost-effective way. The next-generation Tactical Exploited Reconnaissance Node (Tern) program is one example of several in progress focused on a...
 
 
lm-orion

Upgraded P-3 Orion delivered ahead of schedule

Lockheed Martin photograph by John Rossino Lockheed Martin delivered a U.S. Customs and Border Protection (CBP) P-3 Orion aircraft 34 days ahead of schedule Sept. 23 from its facilities in Greenville, S.C. This is the 10th of 1...
 
 

Sikorsky S-92Æ helicopter marks decade of trusted service, performance

Sikorsky Aircraft Corp. announced Sept. 26 that September marks the 10-year anniversary of delivery of the first production S-92Æ helicopter. Sikorsky Aircraft is a subsidiary of United Technologies Corp. “On behalf of Sikorsky, I would like to congratulate and thank all of our customers, suppliers and employees upon reaching this milestone,” said Carey Bond, president,...
 




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>