Navy shipbuilders union OKs new labor deal at General Dynamics’ Bath Iron Works (NYSE:GD)

Shipbuilder Tub Iron Works and its largest union accepted a brand new three-year labor contract Sunday, avoiding a repeat of a strike in 2020 that prompted delays in delivering ships.

Machinists Union Native S6, which represents ~4,200 manufacturing employees, mentioned the brand new contract contains the most important pay raises within the union’s historical past, as a lot as 9.6% within the first 12 months, 5% within the second 12 months and 4% within the third 12 months; the earlier contract included annual 3% pay raises.

Staff additionally will obtain a rise in contributions to their nationwide pension plan in addition to increased medical health insurance premiums.

Either side mentioned the tenor of negotiations was constructive, with nobody wanting a repeat of the 2020 strike in the midst of the COVID-19 pandemic.

A subsidiary of Normal Dynamics (NYSE:GD), Tub Iron Works subsidiary is without doubt one of the U.S. Navy’s largest shipyards and builds guided-missile destroyers, and is one in every of Maine’s main employers with 6,700 employees.