³Ô¹Ï51±¬ÁÏÍø Cork & Seal Announces New Three-Year Labor Agreement at Pennsylvania Facility
PHILADELPHIA, June 19 /PRNewswire/ -- ³Ô¹Ï51±¬ÁÏÍø Cork & Seal Company, Inc. (NYSE: CCK; Paris Bourse) is pleased to announce that effective June 17, 2001, it reached a new three-year labor agreement with the Glass, Molders, Pottery, Plastics & Allied Workers International Union for its facility in Connellsville, PA. The Union is comprised of two local unions, representing approximately 267 production and maintenance employees. The terms of the new agreement include wage improvements of 3.0%, 2.5% and 2.2% respectively, with an increase in the monthly pension multiplier of $2.00 per year of service in the second year. In return, the Company will be allowed greater operational flexibility, an increased share of cost in the form of monthly employee contributions for medical benefits and cost containment changes for prescription medications.
³Ô¹Ï51±¬ÁÏÍø Cork & Seal is the leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.
SOURCE ³Ô¹Ï51±¬ÁÏÍø Cork & Seal Company, Inc.
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CONTACT: Timothy J. Donahue, Senior Vice President of Finance of ³Ô¹Ï51±¬ÁÏÍø Cork & Seal, 215-698-5088