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Lockheed's Machinists Back 4-Year Deal after 10-Week Strike

Lockheed Martin Corp. (LMT) workers that have struck for almost 10 weeks at its main F-35 Joint Strike Fighter facility are due to return to work Monday after voting in favor of a new contract. The International Association of Machinists and Aerospace Workers said members ratified the tentative deal reached over the weekend. The move will end a dispute involving 3,600 staff at Lockheed's facility in Fort Worth, Texas, and at two Air Force bases. They walked out on April 23 after rejecting the previous contract's provisions on health and pension benefit. "The agreement accepted by the IAM provides the union members general wage increases, cash payments, a choice of health plans, and other compensation and benefits," the union said of the new four-year pact. It said on its website that 80% voted in favor. The two sides started federally mediated talks last week, and the resolution comes at a critical time for Lockheed as it remains locked in talks with the Pentagon over another order for the advanced new F-35 fighter jets. The company has tried to minimize the effects of the strike by bringing in temporary contract workers and mobilizing managers in production, but acknowledged in recent weeks that work in Fort Worth had slowed from pre-strike levels. The F-35, the Pentagon's costliest weapons project, has for several years been under close scrutiny in Washington, D.C., over cost overruns and schedule delays, though Lockheed has said flight testing has moved ahead of schedule. Lockheed was not immediately available for comment. -write to Doug Cameron at doug.cameron@dowjones.com

Stock News for Lockheed Martin (LMT)
DateTimeHeadline
09/26/201609:00:00Industrial Manufacturing Benefits from New Technological Innovations
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09/23/201613:27:00Lockheed Martin and Japan Celebrate Roll Out of Japan Air Self...
09/23/201609:00:00Revenues in Defense Technology Companies Surge in 2016
09/23/201606:40:00India Signs $8.7 Billion Deal with Dassault for Rafale Fighter...
09/22/201616:21:04Current Report Filing (8-k)
09/22/201612:30:00Lockheed Martin Declares Fourth Quarter 2016 Dividend
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09/21/201621:11:00Connecticut to Pay Sikorsky for Hitting Job Targets
09/21/201616:56:00PAC-3 Destroys Tactical Ballistic Missile Target
09/21/201613:20:00India Clears Dassault's Rafale Fighter Jet Deal
09/21/201613:03:00Lockheed Martin Supports New USO Welcome Center in Orlando
09/20/201611:43:00Tech Breakthrough: Lockheed Martin Opens Advanced Bioenergy Plant
09/20/201608:58:00Lockheed Martin's Legion Pod Completes First F-15C Flight Test
09/19/201612:40:00New Air Force Bomber to Be Named the Raider
09/19/201612:30:00New Air Force Bomber to Be Named the Raider
09/19/201611:15:00U.S. Air Force Awards Lockheed Martin $87 Million Contract for...
09/19/201611:00:00NASA's $19 Million Contract Extends Lockheed Martin-Built IRIS...
09/17/201614:07:00Lockheed Martin-Led Team Launches Future USS Wichita

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