Momentive Performance Materials Inc. Announces Ratified Agreement with the IUE-CWA
WATERFORD, N.Y., (July 3, 2013) – Momentive Performance Materials Inc. (“Momentive Performance Materials” or the “Company”) today announced that IUE-CWA-represented employees at its sites in Waterford, N.Y., and Willoughby, Ohio, voted this week to ratify the tentative agreement on a new three-year national contract. Three local unions were involved in the contract negotiations: Local 81359 and Local 81380 in Waterford, and Local 84707 in Willoughby. Contract negotiations began on June 3, 2013 in Philadelphia and continued until an agreement was developed and ultimately ratified by the union membership.
“I’m pleased that our employees voted to ratify the contract. IUE-CWA and MPM leadership worked hard during negotiations to find a balance between what is competitive in the marketplace and what meets employee needs. We believe the result was a fair and equitable agreement, and we now know that our employees agree,” said John C. Dandolph, executive vice president and president of the Silicones and Quartz Division. “We look forward to continuing the productive, decades-long working relationship we have had with our represented employees and with union leadership as we continue to serve our customers."
The Company’s goal remains ensuring its competitiveness so current and future generations of employees can realize the rewards of a career at the Waterford and Willoughby plants. The ratified contract preserves employment opportunities for the region, provides a market-competitive and comprehensive wage and benefits package and promotes a safe work environment, while managing all of the Company’s affairs with the highest level of respect and ethical behavior.
About the Company
Momentive Performance Materials Inc. is a global leader in silicones and advanced materials, with a 70-year heritage of being first to market with performance applications for major industries that support and improve everyday life. The Company delivers science-based solutions, by linking custom technology platforms to opportunities for customers. Momentive Performance Materials Inc. is an indirect wholly-owned subsidiary of Momentive Performance Materials Holdings LLC.
Momentive Performance Materials Holdings LLC (“Momentive”) is the ultimate parent company of Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. Momentive is a global leader in specialty chemicals and materials, with a broad range of advanced specialty products that help industrial and consumer companies support and improve everyday life. Its technology portfolio delivers tailored solutions to meet the diverse needs of its customers around the world. Momentive was formed in October 2010 through the combination of entities that indirectly owned Momentive Performance Materials Inc. and Hexion Specialty Chemicals, Inc. The capital structures and legal entity structures of both Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. (formerly known as Hexion Specialty Chemicals, Inc.), and their respective subsidiaries and direct parent companies, remain separate. Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. file separate financial and other reports with the Securities and Exchange Commission. Momentive is controlled by investment funds affiliated with Apollo Global Management, LLC. Additional information about Momentive and its products is available at www.momentive.com.
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