Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
Canada : Teck Announces New Collective Agreement at Trail Operations and Related Charge to Earnings
Publish Date : 11-Jun-2012
Teck Resources Limited, announced today that the unionized employees at Trail Operations have ratified a new five-year agreement commencing June 1, 2012 through May 31, 2017, replacing an agreement that expired on May 31, 2012.
“Discussions with Locals 480 and 9705 of the United Steelworkers were positive and productive,†said Greg Belland, General Manager at Trail Operations. “We are pleased to have reached a new collective agreement with our employees.â€
As a result of the new collective agreement at Trail Operations, Teck expects to incur a one-time, after-tax charge to earnings in the second quarter of approximately $34 million related to a signing bonus and enhancements to pension and post-retirement benefits of which about three quarters will be a non-cash accrual.
About Teck - Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK.
