Following a strike of over two months, machinists at Lockheed Martin (NYSE:LMT) are set to vote on the latest labor contract following after reaching a tentative deal with the company. Following negotiations that lasted four days, officials at the company revealed that a tentative agreement was reached with the union which represents around 3,600 workers although no details were revealed.
According to the labor relations vice president of the company, Greg Karol, the revised offer of Lockheed Martin will be recommended by the bargaining committee of the union for ratification by the members of the union. The company is looking forward to having the workers get back to their jobs.
No statements were issued by the officials of the union, which started its strike on April 23 after it rejected a contract offer by the company. The members reportedly opposed the changes that the company proposed on the health care plans of the company as well as the elimination of pensions for workers who were newly-hired.
The company had believed that its offer was fair for the workers since it included a three percent increase every year, signing bonus of $3,000, and an increase in the retirement income of present employees.
A number of temporary employees were hired by the company last May for the aircraft assembly plant in Fort Worth where the F-35 stealth aircraft is manufactured. No figures were revealed in the number of temporary workers that were hired by the company.
Most of the striking union members were from the Fort Worth facility while less than 150 union members were on strike at the flight test centers in Patuxtent River Naval Air Station and Edwards Air Force Base. Most of the workers on strike were involved in the assembly and manufacture of the F-16 and F-35 aircraft.
Following concerns on cost overruns, safety and questions on the feasibility of the program, pilot training was delayed as Congress and the Pentagon increased its scrutiny over the program.