Firan Technology Group (FTG) Reaches Agreement With Represented Employees for a New Four Year Contract
23 Janvier 2024 - 11:15PM
Firan Technology Group Corporation (TSX:FTG) is pleased to announce
a new contract with its represented employees at its Aerospace –
Toronto facility has been negotiated and ratified.
The contract has a four-year term and expires in August
2027. The contract recognizes the strong demand at that
site, the commitment to continuous improvement by everyone, as well
as the external environment impacting the corporation and its
employees.
With the ratification of this agreement, all employees will
return to work immediately, ending a six-week work stoppage. The
work stoppage negatively impacted customers, employees and
investors. For customers, we will work diligently to get our
deliveries back on track as quickly as possible, using all the
resources we have available at FTG. For employees, we know the work
stoppage hurt them financially and the final settlement included a
signing bonus to partially mitigate the lost wages. And for
investors, the work stoppage will negatively impact our first
quarter through reduced revenues of $3-4M and the corresponding
profits. This will be a one-time impact to the company.
“I believe the contract is well balanced with improved wages and
benefits for the employees that are the direct result of the
commitment by everyone to improve productivity through an ongoing
focus on operational excellence”, stated Brad Bourne, President,
and CEO, FTG Corporation. He added, “we are seeing strong demand at
the Aerospace - Toronto site and we can now focus our efforts to
ramp up production to support our customers’ needs.”
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defence electronics
product and subsystem supplier to customers around the globe. FTG
has two operating units:
FTG Circuits is a manufacturer of high
technology, high reliability printed circuit boards. Our customers
are leaders in the aviation, defence, and high technology
industries. FTG Circuits has operations in Toronto, Ontario,
Chatsworth, California, Fredericksburg, Virginia, Minnetonka,
Minnesota, Haverhill Massachusetts and a joint venture in Tianjin,
China.
FTG Aerospace manufactures and repairs
illuminated cockpit panels, keyboards and sub-assemblies for
original equipment manufacturers of aerospace and defence
equipment. FTG Aerospace has operations in Toronto, Ontario,
Chatsworth, California, and Tianjin, China.
The Corporation's shares are traded on the
Toronto Stock Exchange under the symbol FTG.
FORWARD-LOOKING STATEMENTS
This news release contains certain
forward-looking statements. These forward-looking statements are
related to, but not limited to, FTG’s operations, anticipated
financial performance, business prospects and strategies.
Forward-looking information typically contains words such as
“anticipate”, “believe”, “expect”, “plan” or similar words
suggesting future outcomes. Such statements are based on the
current expectations of management of the Corporation and
inherently involve numerous risks and uncertainties, known and
unknown, including economic factors and the Corporation’s industry,
generally. The preceding list is not exhaustive of all possible
factors. Such forward-looking statements are not guarantees of
future performance and actual events and results could differ
materially from those expressed or implied by forward-looking
statements made by the Corporation. The reader is cautioned to
consider these and other factors carefully when making decisions
with respect to the Corporation and not place undue reliance on
forward-looking statements. Other than as may be required by law,
FTG disclaims any intention or obligation to update or revise any
such forward-looking statements, whether as a result of new
information, future events or otherwise.
For further information please
contact:
Bradley C. Bourne, President and CEO
Firan
Technology Group CorporationTel: (416) 299-4000
x314bradbourne@ftgcorp.com
Jamie Crichton, Vice President and CFO
Firan
Technology Group CorporationTel: (416) 299-4000
x264jamiecrichton@ftgcorp.com
Additional information can be found at the
Corporation’s website www.ftgcorp.com
Firan Technology (TSX:FTG)
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