Bombardier, Toronto union reach agreement ahead of strike deadline
Canadian workers who assemble Bombardier Inc`s turboprops and the company`s new top-of-the-line business jet on Saturday reached a tentative agreement with the company just hours ahead of a strike deadline, the union said.
Unifor, the union representing the 1,600 workers, has previously said its members were looking for a three-year contract with greater job security on the company`s strong-selling Global 7500 business jet, among other demands.
A Bombardier spokesman confirmed that a tentative agreement has been reached. Union members are set vote on Sunday to ratify the agreement.
The long-range jet, which is to enter service this year, is a critical part of Bombardier`s strategy to grow business aircraft revenues to $8.5 billion in 2020, up from $5 billion in 2017.
Union workers at Bombardier`s Downsview plant in Canada`s largest city Toronto assemble several large-cabin business jets, along with the Q400 turboprops.
The union talks follow Bombardier`s May announcement that it had agreed to sell the sprawling Downsview site, the company’s largest land asset, to a Canadian pension fund for approximately $635 million. Bombardier will continue to operate from Downsview for a period of up to three years, with two optional one-year extension periods.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.