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Ratification of a New Five-Year Labor Agreement
Kaiser Aluminum Corporation (Nasdaq:KALU) today announced that union members at the Company’s Newark, OH and Spokane, WA facilities have ratified a new five-year labor agreement.
The agreement which affects approximately 900 union members is effective on October 1, 2015 and extends through September 30, 2020. The new labor agreement also extends the term of the Director Designation Agreement that allows the union to nominate candidates to the Company’s board of directors. In addition, the annual variable contribution for the Union VEBA continues through September 30, 2017.
“We are pleased to reach this agreement to extend through 2020 our productive, long-term relationship between Kaiser Aluminum and the United Steelworkers,” said Jack A. Hockema, President, Chief Executive Officer and Chairman. “The contributions of our Trentwood and Newark work forces have been a critical part of our Company’s success as a leading manufacturer of semi-fabricated specialty aluminum products. We greatly value continued collaboration among our employees to enhance our competitive position as a leading producer of sophisticated products with demanding requirements. This agreement underscores our objectives to be the preferred employer in our communities, the preferred supplier for our customers, and preferred investment for our shareholders.”
Kaiser Aluminum Corporation, 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, rod, bar, tube and wire products, adhering to traditions of quality, innovation and service that have been key components of its culture since the Company was founded in 1946. The Company’s stock is included in the Russell 2000 index and the S&P Small Cap 600 index.
