Colt Defense and the United Auto Workers Union Issue Joint Statement
By Business Wire News
By Business Wire News
WEST HARTFORD, Conn.
Colt Defense LLC (“Colt” or the “Company”) and the United Auto Workers Union (“UAW”) have issued the following joint statement today concerning the filing by Colt of a motion with the Court in the Company’s Chapter 11 bankruptcy proceedings seeking modifications in retiree insurance benefits:
Over the course of the Colt’s restructuring process, Colt and the UAW have worked together productively and cooperatively to ensure that Colt successfully emerges from Chapter 11 by the end of this month as a reorganized company with strong prospects for the future.
“Working together, Colt and the UAW have resolved the great bulk of employee issues, arriving at solutions that the Company and the Union are confident will mean the continuation of good-paying Colt manufacturing jobs in Connecticut,” said Mike Holmes, the chair of the UAW bargaining unit at Colt.
“Over the course of our restructuring efforts, we have worked closely with our Union leaders and employees to design a strategic plan that will enable Colt to emerge from bankruptcy and succeed going forward. We are confident that we will successfully execute our plan in large part because of the world class craftsmanship and skills of our Union employees,” added Dennis Veilleux, CEO of Colt.
The filing of Colt’s retiree benefits motion reflects that negotiations are still ongoing on the issue of healthcare benefits for several hundred Colt UAW retirees. These negotiations are not uncommon in bankruptcy proceedings. Both Colt and the UAW are confident that a mutually agreeable resolution can be presented to the Court for its approval to avoid any delay in confirmation of the plan of reorganization scheduled for December 16th.
“These negotiations have been professional and respectful and will continue to be so,” said Julie Kushner, Director of UAW’s Region 9A in Hartford. “Both sides understand the importance of reaching agreement.”
Kushner, Holmes and Veilleux stated their shared belief that “working together, Colt and the UAW will not be deterred from their common goal: a strong Company that provides both good jobs and fair treatment to the Colt retirees who helped build this iconic company. Colt and UAW fully expect that result here and are determined to build a strong Colt for the future.”
Colt is one of the world’s leading designers, developers and manufacturers of firearms. The company has supplied civilian, military and law enforcement customers in the United States and throughout the world for more than 175 years. Our subsidiary, Colt Canada Corporation, is the Canadian government’s Center of Excellence for small arms and is the Canadian military’s sole supplier of the C7 rifle and C8 carbine. Colt operates its manufacturing facilities in West Hartford, Connecticut and Kitchener, Ontario. For more information on Colt and its subsidiaries, please visit www.colt.com.
UAW Region 9A represents 50,000 workers in diverse occupations throughout eastern New York (including the New York City metropolitan area, the Hudson Valley and the Capital District area), Connecticut, Massachusetts, Rhode Island, New Hampshire, Vermont, Maine and Puerto Rico.
Sard Verbinnen & Co.
Matt Benson, 212-687-8080