Read Larry Connors' blog – Short Term Trading Strategies
About 75 percent of the bargaining unit's dues-paying members met at the Tucson Convention Center and overwhelmingly approved the new contract, said Jim Watson, directing business representative of Local 933 of the International Association of Machinists and Aerospace Workers. He did not disclose the ballot tally.
The vote ratified the tentative agreement that union and company officials reached early Friday, two days before the contract's expiration.
Local 933 workers represents 1,750 hourly workers at Raytheon, Southern Arizona's largest employer with more than 11,500 employees in tucson and about 800 elsewhere.
Union members went on strike for 10 weeks in late 2006 and early 2007 over wages and health care issues. They returned to work after the company agreed to a 3 percent wage increase each year and other health improvements.
The new agreement, which runs through Oct. 28, 2012, provides for general wage increases of 2.75 percent this year and next year, and 2.5 percent in 2011. A ratification bonus of $750 will be paid Nov. 19.
Employee contributions for medical coverage will be raised, but Watson said union negotiators were able to cap increases in premiums for total health care at 22.5 percent the first year and 25 percent in each of the other years.
Watson called it a "very tough round of negotiations." He said union leaders were thankful they got an acceptable agreement that lets workers know they'll get raises and how much they'll pay for health care over three years. But health care will remain an issue for all labor unions and employers "until this nation comes to the realization that runaway health care costs need to be fixed for the working families of this country."
Raytheon spokesman John Patterson issued a statement that the company was pleased to have reached agreement with the union.
"Together with the union, the company will continue to provide warfighters and other customers worldwide with the best-possible products and services," he said.
Contact reporter Enric Volante at 573-4129 or evolante@azstarnet.com.
To see more of The Arizona Daily Star, or to subscribe to the newspaper, go to http://www.azstarnet.com. Copyright (c) 2009, The Arizona Daily Star, Tucson Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
