June 30, 2016
VANCOUVER: Avcorp Composite Fabrication Inc. (ACF), located in Gardena, California (Avcorp Industries Inc. most recent acquisition) is pleased to announce that it has reached a Collective Bargaining Agreement with the Glass Molders and Plastics Union (GMP) Local 19 for a six (6) year labor contract.
The new agreement calls for wage increases of 1%, 2.25%, 2.25% and 2.75% in the first four years of the contract. Wage adjustments in year five and six will be reviewed by the Company and the Union at a future date. Through the course of collective bargaining, the Company and Union have agreed to mutually explore and ultimately implement High Performance Work Teams in selected areas of the operation. In addition, in order to accomplish best in class levels of performance, the agreement includes incentive compensation that arises from meeting Team performance targets.
Peter George, CEO of the Avcorp Group, commented, “This agreement is evidence of how committed ACF and the GMP Local 19 are to both our customers and our own success. We look forward to working together in our long standing positive relationship to achieve our performance targets, and to meet the expectations of all of the company’s stakeholders.”
The Avcorp Group designs and builds major airframe structures for some of the world’s leading aircraft companies, including BAE Systems, Boeing, Bombardier, Fuji Heavy Industries and Lockheed Martin. The Avcorp Group has more than 50 years of experience, over 800 skilled employees and 636,000 square feet of facilities. Avcorp Structures & Integration located in Delta British Columbia, Canada is dedicated to metallic and composite aerostructures assembly and integration; Avcorp Engineered Composites located in Burlington Ontario, Canada is dedicated to design and manufacture of composite aerostructures, and Avcorp Composite Fabrication located in Gardena California, USA has advanced composite aerostructures fabrication capabilities for composite aerostructures. The Avcorp Group offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light-weight, strong, reliable structures. Comtek Advanced Structures Ltd., at our Burlington, Ontario, Canada location also provides aircraft operators with aircraft structural component repair services for commercial aircraft.
Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc. Both companies are incorporated in The State of Delaware, USA, and are wholly owned subsidiaries of Avcorp Industries Inc.
Comtek Advanced Structures Ltd., incorporated in the Province of Ontario, Canada, is a wholly owned subsidiary of Avcorp Industries Inc.
Avcorp Industries Inc. is a federally incorporated reporting company in Canada and traded on the Toronto Stock Exchange (TSX:AVP).
Sandi DiPrimo, Investor Relations Contact | 604-587-4938