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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
10/23/201420:18:58Lockheed, Pentagon Reach Agreement on F-35 Contract
09/11/201412:05:13ThalesAleniaSpace Replacing U.S. Components on Russia-Bound Satellite
09/03/201412:58:52Pentagon Close to Identifying F-35 Engine Problem -- Update
08/09/201409:56:36Hagel Says U.S., India Should Jointly Develop, Produce Arms
07/15/201417:04:43Safety Concerns Force Cancellation of F-35's Air Show Appearance
07/10/201410:39:21Makers of F-35 Combat Jets to Help Keep Cost of Fighter Plane...
06/18/201411:54:45United Launch CEO Confident on Russian Engine Deliveries
06/16/201408:32:38Airbus, Safran to Combine Space-Launcher Activities -- Update
06/12/201420:07:26Pentagon Looks to Lower Costs of F-35 Joint Strike Fighter Program...
06/12/201419:51:35Pentagon Looks to Lower Costs of F-35 Joint Strike Fighter Program
06/11/201420:43:57Iraqi, U.S. Forces Trade Barbs Over Failures
06/11/201416:50:17Iraq Requests Accelerated Shipment of U.S. Arms to Counter Militants
06/05/201417:40:10Canada Near $8.2 Billion Buy of 65 Lockheed Fighter Jets
06/05/201417:26:20Canada Near $8.2 Billion Buy of 65 Lockheed Fighter Jets -Reuters
06/02/201418:17:01Lockheed Martin Wins $915 Million Space Fence Deal
05/27/201419:56:25Washington Considers Missile-Defense System in South Korea
05/13/201420:29:20Russia Bans U.S. Sales of Rocket Engines
05/06/201418:03:57Turkey Moves Closer to F-35 Deal
05/01/201402:50:15SpaceX Wins Injunction Against Rocket Rival
04/23/201408:06:04Kongsberg Gruppen Gets NOK160 Million F-35 Joint Strike Fighter...

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