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Alcoa Reaches Labor Agreement With International Association of Machinists in Cleveland
CLEVELAND--(BUSINESS WIRE)--Alcoa (NYSE:AA) announced today that the International Association of
Machinists (IAM), District 54, Lodge 10, has ratified a new 4-year labor
agreement at Alcoa’s Cleveland Works facility.
The agreement is the same one rejected by United Auto Workers Local 1050
last week.
“We are very pleased that the IAM recognized
the value of this agreement,” said Brett
McBrayer, Cleveland Works Plant Manager. The contract will help make
Cleveland Works more globally competitive and secure jobs in Cleveland.
The labor agreement 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;
Includes a new health care plan designed to be more competitive in
today’s market;
Continues to provide health care coverage for retirees and limits the
company’s long-term liability;
Calls for annual wage increases;
Initiates a new attendance policy.
IAM employees received a $1,500.00 signing bonus upon ratification. The
contract takes effect immediately and expires in 2010.
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,
and taxes.
About Alcoa Inc.
Alcoa is the world's leading producer and manager of primary aluminum,
fabricated aluminum and alumina 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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