American Ecology Subsidiary Enters New Collective Bargaining Agreement; Oak Ridge Plant, PACE Union Ink 5-Year Pact.Business Editors BOISE, Idaho--(BUSINESS WIRE)--Aug. 26, 2002 Steve Romano, President and Chief Executive Officer of American Ecology Corporation (Nasdaq:ECOL ECOL es.comp.os.linux.* (newsgroups) ECOL Emmanuel Church of Lakewood (San Francisco, CA) ), today announced that subsidiary American Ecology Recycle Center (AERC AERC African Economic Research Consortium AERC Adult Education Research Conference AERC American Endurance Ride Conference AERC Alcohol Education and Research Council (UK) AERC Association of European Rarities Committees ) entered into a new 5-year collective bargaining agreement The contractual agreement between an employer and a Labor Union that governs wages, hours, and working conditions for employees and which can be enforced against both the employer and the union for failure to comply with its terms. with members of the Paper Allied Industrial Chemical and Energy Workers International Union (PACE), AFL-CIO AFL-CIO: see American Federation of Labor and Congress of Industrial Organizations. AFL-CIO in full American Federation of Labor-Congress of Industrial Organizations U.S. , working at its Oak Ridge, Tennessee Oak Ridge is an incorporated city in Anderson and Roane Counties in East Tennessee, about 25 miles northwest of Knoxville. Oak Ridge's population was 27,387 people at the 2000 census. , radioactive materials processing facility. This follows the May 2002 resolution of a long-standing dispute with the Union over previous contract issues. "Successful negotiation of a new collective bargaining agreement with our union at Oak Ridge is a critical step to improving the plant's financial performance," commented Romano, adding, "combined with the August 8, 2002, resolution of the federal investigation of past practices, the new contract positions the Oak Ridge operation to fully focus on future growth and profitability." AERC and the Union have entered into a five-year, renewable collective bargaining agreement that defines mutually beneficial work rules, compensation, and other terms of employment. "The contract ratified by the workers shows an unparalleled commitment to the workers and the Company's commitment to Oak Ridge as a community," said James Hendricks, PACE Region 7 Representative, adding, "we look forward to many years of a good working relationship." "This agreement fairly balances the needs of the Company and its valued union employees," Romano added, concluding, "the spirit of cooperation that has developed in recent months is essential to restoring our Oak Ridge waste processing operation to profitability." American Ecology Corporation, through its subsidiaries, provides radioactive, PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. , hazardous and non-hazardous waste services to commercial and government customers throughout the United States, such as nuclear power plants, steel mills, medical and academic institutions and petro-chemical facilities. Headquartered in Boise, Idaho, American Ecology is the oldest radioactive and hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. services company in the United States. This press release contains forward-looking statements that are based on our current expectations, beliefs and assumptions about the industry and markets in which American Ecology Corporation and its subsidiaries operate. Actual results may differ materially from what is expressed herein and no assurance can be given that the company or its Oak Ridge subsidiary can generate future earnings. Nor can the Company make any assurance that the new labor contract will return the site to profitability. For additional information on factors that could cause actual results to differ from expectations, please refer to American Ecology Corporation's Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , and most recent Form 10-Q filed with the Securities and Exchange Commission. |
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