Lockheed Martin and Fort Worth Machinists Union Reach New Three-Year Labor Agreement
FORT WORTH, TX, 27-APR-03 -- 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 this afternoon. The new contract will allow the union members to report to work as usual on Monday, April 28, and resume their production of the F-16 Fighting Falcon, major portions of the F/A-22 Raptor, and components for Japan's F-2 fighter, among other projects.
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 Dain M. Hancock, president of Lockheed Martin Aeronautics Company.
With about 4,100 members, the IAM is the largest of five unions at the Fort Worth plant. It represents production and maintenance employees, firefighters and occupational heath nurses. The new contract ends a strike that began at midnight on April 13 at the Fort Worth facility.
Three of the facility's other four unions will negotiate new contracts in the coming months.
Lockheed Martin Aeronautics Company is a business area of Lockheed Martin Corp. [NYSE: LMT]. LM Aeronautics has facilities at three major sites: Fort Worth, Tex.; Marietta, Ga.; and Palmdale, Calif. The unions at Marietta and Palmdale bargain separately and approved new contracts last year. Lockheed Martin Aeronautics Co., headquartered in Fort Worth, Texas, is a leader in the design, development, systems integration, production and support of advanced military aircraft and related technologies. Its customers include the military services of the United States and allied countries throughout the world. Products include the F-16, F/A-22, F-35 JSF, F-117, T-50, C-5, C-130, C-130J, P-3, S-3 and U-2.