Machinists Poised to Benefit from Spirit IPO
June 30, 2006
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Wichita, KS, June 30, 2006 – “We welcome the news of today’s SEC filing as an important step for the company and positive news for IAM-represented employees at Spirit, who will be eligible for shares if and when the IPO process is completed,” said Tom Buffenbarger, International President, International Association of Machinists and Aerospace Workers (IAM). “The equity participation mechanism in our contract with Spirit is a good example of how smart collective bargaining can protect employees caught in a turbulent industry.”
“Having endured considerable risk and sacrifice in this company’s creation, it is fitting that IAM-represented employees have an opportunity to share in its success going forward,” said Bob Martinez, IAM General Vice President, Southern Territory. “As the largest parts manufacturer for the commercial aircraft industry, Spirit is well poised to benefit from a resurgence in the commercial aircraft sector.”
“Today’s announcement is good news for our members, their families and the community,” said District 70 President Steve Rooney. “The benefit of profit sharing extends beyond wage earners to local businesses, retail outlets and can become an economic driver for the whole region.”
The IAM represents nearly 5,250 production workers at Spirit AeroSystems in Wichita, KS, among its nearly 720,000 active and retired members in industries across North America. For more information about the IAM, visit their website at www.goiam.org.
