Alcoa and UAW Local 1050 Reach Labor Agreement.CLEVELAND -- Alcoa (NYSE NYSE See: New York Stock Exchange :AA) announced today that UAW (spelling) UAW - Misspelling of "IAW"? Local 1050 has ratified rat·i·fy tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies To approve and give formal sanction to; confirm. See Synonyms at approve. a new 4-year labor agreement that covers approximately 830 employees at Alcoa's Cleveland Works facility. UAW represented employees will return to work January 2, 2007 following an 8-week strike. Salaried workers had been running the plant since the strike began November 6th. The new agreement addresses key issues identified by both sides during negotiations, which began September 1. The new contract creates a framework that: * Improves the competitiveness of Alcoa Cleveland Works; * Preserves the standard of living for employees through a competitive wage and benefits package; * Introduction of new medical and prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, plans, which include employee cost sharing; * Continues to provide health care coverage for retirees and limits the company's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. liability; * Calls for annual wage increases and introduces a company match to the Alcoa 401(k) Savings Plan; * Initiates a new attendance policy and limits overtime scheduling. "Compromises were made by both Alcoa and UAW Local 1050 that have resulted in a fair and competitive multi-year labor agreement. We are very pleased to have a contract that will help make Cleveland Works more globally competitive and secure jobs here in Cleveland," said Brett McBrayer, Cleveland Works Plant Manager. About Alcoa Cleveland Works Alcoa's Cleveland Works facility manufactures forged aluminum wheels for the heavy-duty truck and automotive markets, and forged products for the aerospace and industrial markets. Approximately 1,250 people support the Cleveland operations, which straddles Cuyahoga Heights and Newburgh Heights on Harvard Avenue. Established in 1917, Cleveland Works has a rich history in Cleveland supporting multiple generations. The company contributes approximately $249 million to the Cleveland community in payroll, goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. , and taxes. About Alcoa Inc. Alcoa is the world's leading producer and manager of primary aluminum, fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: aluminum and alumina alumina (əl  `mĭnə) or aluminum oxide, Al2O3, chemical compound with m.p. about 2,000°C; and sp. gr. about 4.0. facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. The company has 129,000 employees in 44 countries.
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