Honeywell Reaches Settlement On Former Stratford, CT Facility.
MORRIS TOWNSHIP, N.J.--(BUSINESS WIRE)--Oct. 1, 2002
Honeywell (NYSE: HON) said today that it is pleased that it has reached a settlement of all issues involving approximately 500 former workers at the former Stratford Army engine plant.
Honeywell has attempted to resolve the issues related to the closure of the Stratford Army Engine facility for the last five years. In 1997, the company made an offer that was comparable to the agreement reached yesterday and continued to make similar attempts to resolve this matter with the union over the intervening years.
Honeywell worked with Connecticut Congressional, State, local and union officials in an attempt to keep the facility open when the BRAC decided to the close the facility in 1995, but without U.S. Army financial support, the company could not operate the plant at a competitive business level. At that point, a decision was made to close the facility. The union and the NLRB opted to pursue their challenge to that decision in court, rejecting all offers of settlement that would have provided severance packages to employees at the time of the plant closing. Honeywell is glad to provide former Stratford employees with the benefits that the Company had offered from the outset.
In 1995, Honeywell (then AlliedSignal) was operating the Army owned facility when the Federal Base Realignment and Closing Commission mandated that the Army plant be closed.
Honeywell believes that the settlement is in the best interests of both the former Stratford employees and the company.
Honeywell is a US$24-billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; specialty chemicals; fibers; plastics; and electronic and advanced materials. Honeywell employs approximately 108,000 people in 95 countries and is traded on the New York Stock Exchange under the symbol HON, as well as on the London, Chicago and Pacific stock exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. Additional information on the company is available on the Internet at www.honeywell.com.
This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.
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|Date:||Oct 1, 2002|
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