Kaiser Aluminum Corporation on January 21 announced that union members at the company's Newark, Ohio, and Spokane, Wash., facilities have ratified a new five-year labor agreement. The agreement which affects approximately 800 union members is effective on October 1, 2010 and extends through September 30, 2015.
The new labor agreement provides for the extension of wages and fringe benefits of the current contract through September 30, 2015. In addition it calls for the extension of the potential profit sharing contribution for the Union VEBA through September 30, 2017. The VEBA is administered by four trustees and the assets are managed by an independent fiduciary. Further, the new labor agreement also extends the term of the Director Designation Agreement that allows the union to nominate candidates which, if elected, would constitute up to 40 percent of the company's board of directors.
"Kaiser Aluminum values the contribution of our Trentwood and Newark employees to the company's success as a leading manufacturer of semi-fabricated specialty aluminum products, allowing us to meet demanding customer requirements for product quality and consistency and to achieve a reputation for best-in-class customer satisfaction," said Jack A. Hockema, president, chief executive officer and chairman of Kaiser Aluminum. "We look forward to maintaining our long term relationship with the United Steelworkers as we continue to be a supplier of choice for our customers in the aerospace and defense, automotive and general industrial market segments."
Kaiser Aluminum, headquartered in Foothill Ranch, Calif., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, general engineering, and custom automotive and industrial applications. The company's North American facilities produce value-added sheet, plate, extrusions, forgings, rod, bar and tube products.
