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Ladish Workers Approve Six-Year Contract

Oct. 3, 2006
Wage, pension ccntributions to increase

October 3, 2006 -- Forging group Ladish Co. Inc. reports it has reached a new six-year labor agreement with workers at its Cudahy, WI. On October 1 members of the Boilermaker-Blacksmiths Union Local #1509 ratified the agreement, to replace an earlier contract that expired that day.

Ladish said the new contract provides increases in wages averaging less than 3%/year, and pension contributions that average less than 0.5%/year over the six-year term. Ladish and the union agreed to share the increased costs of group health insurance.

This is the fifth six-year agreement Ladish has concluded this year with bargaining groups at its Wisconsin plant. Local #1509 members represent about 175 workers there, and are the second largest of the seven unions represented there.

In addition to the Wisconsin plant, Ladish operates an investment casting plant in Oregon, a diecasting tooling plant in Wisconsin, and a precision machining company in Connecticut. Earlier this year it acquired a forging operation in Polant.

Ladish president and CEO Kerry Woody stated, "The agreement with Local #1509 follows the pattern established in prior agreements this year and reaffirms the commitment of Ladish employees to support our major customers. Long-term agreements with major customers such as Rolls-Royce and General Electric for jet engine forgings provided the impetus for the succession of six-year labor agreements. The Company and its employees jointly recognize the importance of improved efficiency and productivity and are committed to that goal going forward."