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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
03/22/201710:00:00First Light: Lockheed Martin-Built SBIRS Satellite Successfully...
03/21/201717:16:00Stronger Dollar May Crimp Lockheed's F-35 Production
03/21/201714:33:00Lockheed Martin CEO Discusses Growth Plans and International...
03/17/201716:22:39Proxy Statement (definitive) (def 14a)
03/16/201711:03:00Lockheed Martin to Deliver World Record-Setting 60kW Laser to...
03/16/201708:04:00Lockheed Martin Selected to Fight Cyber Crime for Department...
03/14/201710:07:00Lockheed Martin Canada Delivers High Fidelity Combat System Trainer...
03/14/201710:07:00Lockheed Martin Canada Delivers High Fidelity Combat System Trainer...
03/13/201709:07:00Lockheed Martin Upgrades Flying Intelligence Testbed
03/08/201719:18:00Sikorsky Offers Continued Support for Commercial Black Hawk Operators
03/08/201718:18:00Sikorsky Recognizes Coast Guard's Extraordinary Legacy of Helicopter...
03/08/201712:30:00Sikorsky Recognizes Helijet for 30 Years of Safe S-76 Flight...
03/08/201710:46:00Updated JASSM® Completes Important Lockheed Martin Flight Tests
03/08/201710:19:00Lockheed Martin Awarded Third Generation USAF Logistics Contract
03/07/201714:00:00Sikorsky Launches Safety Enhancement Program with PHI, Inc. and...
03/07/201709:00:00Sikorsky Announces Ab Initio Pilot Training with Bristow Group
03/06/201710:06:00New Images From Space Show Earth and Solar Storms Like Never...
03/03/201710:30:00Lockheed Martin Long Range Anti-Ship Missile Wins 2017 Aviation...
03/02/201711:29:00Correction to Steps Up Legal Challange Against Denmark Over Combat...
03/02/201709:39:00Lockheed Martin Introduces Paragon™ Direct Attack Munition

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