PITTSBURGH, Sept. 25, 2020 /PRNewswire/ -- The United Steelworkers (USW) today said that union members at Libbey Glass facilities in Toledo, Ohio, and Shreveport, Louisiana, have ratified new, four-year labor agreements with the bankrupt company.
Members of the USW and International Association of Machinists (IAM) voted overwhelming in favor of the contracts, which include a temporary wage reduction and other concessions that will give Libbey financial relief to reorganize its debts under Chapter 11 of the federal bankruptcy code but also include provisions to increase wages when the company's financial condition improves.
USW International Vice President (Administration) David McCall, who chaired the negotiations with Libbey, credited the solidarity of the combined union membership and their negotiating committee for standing up to demand fairness and dignity when management and the company's creditors sought major, permanent concessions.
"Throughout this process, our members made it clear that cutting wages and benefits for hourly workers without shared sacrifices by management would not keep the company afloat," McCall said. "We are proud that we stood together to ensure our voices were heard and we achieved a more just resolution than the mammoth concessions that management originally proposed."
Under the agreements, Libbey will discontinue production in Shreveport, but will maintain a shipping and distribution facility at the location.
The USW represents 850,000 men and women employed in manufacturing, metals, mining, pulp and paper, rubber, chemicals, glass, auto supply and the energy-producing industries, along with a growing number of workers in public sector, service, academic and tech professions.
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SOURCE United Steelworkers (USW)
Cushman & Wakefield (NYSE: CWK) recently announced that the real estate services firm served as the exclusive adviser to Alfred Weissman Real Estate, LLC in the procurement of $80,000,000 for the refinancing of 555 Tuckahoe Road, a 435,000-square-foot warehouse facility fully-leased to a credit tenant in Yonkers, N.Y. The fixed-rate loan was provided by JP Morgan Asset Management on behalf of one or more investors.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Zachary Kraft and Meredith Donovan represented the borrower.
"JP Morgan was able to strategize and underwrite with our client during the depths of the COVID-19 crisis to provide a customized financing solution,” said Gil. "Financing for high-quality industrial product with credit tenancy and quality sponsorship remains strong. We are thrilled to further our client’s relationship with JP Morgan.”
555 Tuckahoe Road is strategically located in Southern Westchester County, offering seamless accessibility throughout the New York Metro area. The property has direct access to numerous commercial transportation routes, including the New York State Thruway, New England Thruway, Cross Westchester Expressway, Bronx River Parkway, Saw Mill River Parkway, Sprain Brook Parkway and Hutchinson River Parkway.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200827005496/en/
LONDON, Nov. 28, 2020 /PRNewswire/ -- Ape Tron, a U.K. registered company, announced the launch of their new website and white paper at Apetron.com. Ape Tron is a Decentralized Financial (DeFi) platform, built on the Tron Blockchain and offering an...