Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,361.98 99.42 0.61%
S&P 500 1,850.73 7.75 0.42%
NASDAQ 4,062.08 27.92 0.69%
Ticker Volume Price Price Delta
STOXX 50 3,124.88 33.36 1.08%
FTSE 100 6,569.82 28.21 0.43%
DAX 9,270.95 97.24 1.06%
Ticker Volume Price Price Delta
NIKKEI 14,417.68 420.87 3.01%
TOPIX 1,166.55 30.46 2.68%
HANG SENG 22,696.01 24.75 0.11%

Newport News Shipbuilding Reaches Labor Contract Agreement With United Steelworkers Local 8888



Newport News Shipbuilding Reaches Labor Contract Agreement With United
Steelworkers Local 8888

NEWPORT NEWS, Va., March 14, 2013 (GLOBE NEWSWIRE) -- Huntington Ingalls
Industries (NYSE:HII) announced today that United Steelworker members at its
Newport News Shipbuilding (NNS) division voted 1,914-104 in favor of a new
contract. The current contract expired at midnight on March 10. The new
contract took effect March 11 and will run through July 9, 2017.

"We participated in a productive process that yielded win-win results," said
NNS Vice President of Human Resources and Administration Bill Bell. "This
offer contains solid improvements, is fair, competitive in the industry and
worthy of our great shipbuilders. Establishing this contract will help Newport
News Shipbuilding meet our ongoing commitments to shipbuilders and the U.S.
Navy as we continue to build the world's best ships."

Highlights of the contract include:

  * Wages: On day one, all represented employees receive 3.5 percent
    increases. The next 13-month increment will be a 3 percent increase,
    followed by a 3.5 percent increase for each of the last two 13-month
    periods of the contract. This translates to a 14.2 percent increase over
    the life of the contract, which averages to a 3.1 percent increase per
    year per employee.
  * Shift differential (additional pay for work shifts outside a standard day
    shift): Increases 25 cents to $1.50, effective immediately.
  * Pension: For employees hired on or before June 6, 2004, who retire at age
    62 with 30 continuous years of service, the monthly pension increases to
    $1,450 starting Aug. 1. In addition, there will be a $25 per year
    supplement given to employees for each year of credited service after 30
    years. The monthly pension increases to $1,550 beginning Aug. 1, 2015, and
    the yearly supplement will increase to $30 per year for each year of
    credited service after 30 years. For example, an employee with 35 years of
    credited service on Aug. 1, who qualifies for the $1,450-per-month
    pension, will receive $1,575 per month. NNS will continue to provide a
    Pension Earning Plan benefit for employees hired on or after June 7, 2004.
    Pension benefits are calculated by a formula based on a percentage of
    eligible earnings. The monthly benefit is generated by company
    contributions equivalent to 5 percent of total compensation.
  * Medical benefits: Maintained current premium cost-sharing for current and
    future years. Through some plan redesign, employee premiums were decreased
    for the July 2013-June 2014 plan year with an agreement on a new renewal
    rate methodology.
  * Paid sick or personal leave: Employees who miss less than six hours during
    a calendar quarter will earn eight hours of sick or personal time.
    Employees who have perfect attendance in a calendar quarter can earn 10
    hours of sick or personal time.

Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and
non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market
services for military ships around the globe. For more than a century, HII has
built more ships in more ship classes than any other U.S. naval shipbuilder at
its Newport News Shipbuilding and Ingalls Shipbuilding divisions. Employing
about 37,000 in Virginia, Mississippi, Louisiana and California, HII also
provides a wide variety of products and services to the commercial energy
industry and other government customers, including the Department of Energy.
For more information about HII, visit:

  * HII on the web: www.huntingtoningalls.com
  * HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries
  * HII on Twitter: twitter.com/hiindustries

The Huntington Ingalls Industries, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9418

CONTACT: Christie Miller
         Christine.miller@hii-co.com
         (757) 380-3581

company logo
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement