Composite Structures Reaches Agreement with Metal Trades Council.MONROVIA, Calif.--(BUSINESS WIRE)--Nov. 8, 1999-- Composite Structures LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control announced today that it has ratified a new three-year labor agreement with the Metal Trades Council of Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and its affiliated unions: the International Association of Machinists District 725, Teamsters Teamsters large, powerful union of U. S. truckers. [Am. Hist.: NCE, 2703] See : Labor Local 986, and the Painters and Allied Trades District Council 36. The company reported an overwhelming number of bargaining unit A bargaining unit in labor relations is a group of employees with a clear and identifiable community of interests who are (under U.S. law) represented by a single labor union in collective bargaining and other dealings with management. employees voted in favor of the new labor agreement, which takes effect immediately. The major components included a significant general wage increase of 10 percent over three years with 4 percent in the first year and 3 percent in both the second and third years, a 25 percent increase in Pension benefits over the next three years, and the inclusion of a Profit Sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of Plan for all employees. As part of the agreement the Unions agreed to increase contributions to health-care costs and a number of work-rule changes that will improve productivity. Brad Spahr, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Composite Structures, said: "The company has made tremendous performance improvements over the past year and we were able to share the benefits with our employees through this wage and benefit package. The package is a win-win in the light of continuing pressure to reduce prices and rising health-care costs. It will keep our cost structure very competitive." Composite Structures employs 380 full-time employees, of which 264 are covered by this new labor agreement. The company has been in business in Monrovia in the same location for the past 48 years and is the largest independent supplier of composite and metal bond structures in the country. About Composite Structures Composite Structures is a supplier of metal bond and composite structures for the aerospace and defense industries for 45 years. Its current business load is well balanced between the commercial and military markets, with approximately 50 percent of the company's sales attributable to each. The company's largest customer is Boeing. Other major customers include Bell Helicopter Bell Helicopter Textron is an American helicopter and tiltrotor manufacturer headquartered in Fort Worth, Texas. A division of Textron, Bell manufactures military helicopter and tiltrotor products in the United States (primarily in and around Fort Worth as well as in Amarillo, Textron Inc. and Allison Engine (Rolls Royce). Revenues for 1999 will be approximately $59 million. |
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