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FTG Reaches Agreement With Represented Employees for a New Four Year Contract
January 24, 2024 | GlobeNewswireEstimated reading time: 1 minute
Firan Technology Group Corporation is pleased to announce a new contract with its represented employees at its Aerospace – Toronto facility has been negotiated and ratified.
The contract has a four-year term and expires in August 2027. The contract recognizes the strong demand at that site, the commitment to continuous improvement by everyone, as well as the external environment impacting the corporation and its employees.
With the ratification of this agreement, all employees will return to work immediately, ending a six-week work stoppage. The work stoppage negatively impacted customers, employees and investors. For customers, we will work diligently to get our deliveries back on track as quickly as possible, using all the resources we have available at FTG. For employees, we know the work stoppage hurt them financially and the final settlement included a signing bonus to partially mitigate the lost wages. And for investors, the work stoppage will negatively impact our first quarter through reduced revenues of $3-4M and the corresponding profits. This will be a one-time impact to the company.
“I believe the contract is well balanced with improved wages and benefits for the employees that are the direct result of the commitment by everyone to improve productivity through an ongoing focus on operational excellence”, stated Brad Bourne, President, and CEO, FTG Corporation. He added, “we are seeing strong demand at the Aerospace - Toronto site and we can now focus our efforts to ramp up production to support our customers’ needs.”
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