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Lockheed’s Union Workers Approve Contract

Lockheed's Union Workers Approve Contract - top government contractors - best government contracting event
Photo: fotosearch.com
Lockheed's Union Workers Approve Contract - top government contractors - best government contracting event
Photo: fotosearch.com

Lockheed Martin workers, represented by the International Association of Machinists and Aerospace Workers, approved a new three-year contract Sunday night.

The new deal calls for yearly pay increases, a ratification bonus and an annual company contribution to a revamped retirement plan for new hires.

The company’s “best and final offer“ included a competitive-wage package with guaranteed pay increases totaling 8.5 percent over three years, a $2,500 ratification bonus and continued annual cost-of-living adjustment formula and supplements.

There were calls earlier in the weekend from union leadership to vote against the contract and calls for a strike. However, a 1,366 to 1,006 vote at the Union local in Marietta, Ga., dispelled the specter of a walkout.

“Lockheed Martin has had a long-standing partnership with the International Association of Machinists and Aerospace Workers,” said Greg Karol, corporate vice president of labor relations. “We value all the success we’ve had together and will continue working to strengthen that relationship while ensuring Lockheed Martin remains competitive. That means more jobs well into the future.“

Lockheed has said the changes to the pension plan are necessary for the company to maintain its competitive edge.

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