LMT - Lockheed Martin machinists union ratify labor deal at Fort Worth F-35 plant

~5K members of the International Association of Machinists and Aerospace Workers union at Lockheed Martin's (NYSE:LMT) F-35 fighter jet manufacturing plant in Fort Worth, Texas, voted Sunday to ratify a new labor contract. Deal terms included a 16% effective general wage increase over the four years of the contract, cost-of-living adjustments and a $4K per person ratification bonus, while also maintaining the current healthcare plan. The agreement had been unanimously recommended by the IAM union's District 776 negotiating committee. IAM members at Fort Worth help build F-35s, whose supply chain supports 254K jobs and 1,800 suppliers across 48 states and Puerto Rico. Lockheed said last week that rising costs to build F-35 fighter jets have bogged down contract talks with the Pentagon.

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Lockheed Martin, machinists union ratify labor deal at Fort Worth F-35 plant