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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
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06/23/201616:50:37Current Report Filing (8-k)
06/23/201614:06:56Annual Report of Employee Stock Plans (11-k)
06/23/201614:05:23Annual Report of Employee Stock Plans (11-k)
06/23/201614:01:16Annual Report of Employee Stock Plans (11-k)
06/23/201613:59:29Annual Report of Employee Stock Plans (11-k)
06/23/201613:59:02Annual Report of Employee Stock Plans (11-k)
06/23/201613:41:00CH-53K King Stallion Achieves 27,000 Pound External Lift
06/23/201613:05:00Lockheed Martin Declares Third Quarter 2016 Dividend
06/23/201613:05:00Lockheed Martin Elects Ilene Gordon to Board of Directors
06/22/201615:07:00Lockheed Martin and Israel Celebrate Rollout of Israel's First...
06/22/201614:10:00Count Down: U.S. Navy, Lockheed Martin to Launch MUOS-5 Secure...
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06/21/201610:03:00Lockheed Martin Wins $733 Million Aerial Intelligence, Surveillance...
06/21/201609:32:00Lockheed Martin Names Chris Moran Executive Director and General...
06/17/201610:03:00Lockheed Martin Continues To Support the Advancement of Women...
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06/16/201612:17:00Sikorsky and Turkish Industry Launch Program to Build T70 Utility...

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