FinancialContent is the trusted provider of stock market information to the media industry.
May 22, 2012 at 13:36 PM EDT
Lockheed Martin Reaches New Contract With UAW Union In Orlando, Denver And Baltimore

ORLANDO, Fla., May 22, 2012 /PRNewswire/ -- The International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) ratified a new master labor agreement with Lockheed Martin [NYSE: LMT] 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.  

Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace 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.

For additional information, visit our website:
http://www.lockheedmartin.com

 

SOURCE Lockheed Martin

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here
   
Financial Widgets

Display market data, financial news or stock quotes - Learn More

Advertising Network

Advertise on FinancialContent's huge network - Learn More

Web Services

Power your internet and wireless applications - Learn More