Tree Island and Union Local Sign Five Year Collective Agreement
By Marketwired News
By Marketwired News
VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 20, 2015) – Tree Island Steel Ltd. (“Tree Island” or the “Company”) (TSX:TSL) – Tree Island Steel announced today that its operating company, Tree Island Industries Ltd. and Teamster Local 213 have successfully concluded a new five-year collective agreement. The agreement, which covers hourly employees at the Richmond, BC manufacturing facility, was concluded after the unionized employees voted for ratification this past weekend. The new collective agreement is retroactive to July 1, 2015 and sets an important foundation for continued sales growth, increased stability for customers, and further investment into the Richmond operations.
“We are pleased to have reached a balanced, long-term agreement in partnership with the Teamsters and I want to thank the bargaining unit and all members for their continued support and leadership as we continue to move the Company forward on a platform of sustained profitability,” said Dale R. MacLean, President and CEO of Tree Island Steel. “This now gives us continued stability for our customers, employees and suppliers as we progress in building on our strengths and focus on our goals of manufacturing and service excellence, while growing profitable business lines.”
About Tree Island Steel
Tree Island Steel, headquartered in Richmond, British Columbia, since 1964, through its four operating facilities in Canada and the United States, produces wire products for a diverse range of industrial, residential construction, commercial construction, agricultural, and specialty applications. Its products include galvanized wire, bright wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products; concrete reinforcing mesh; fencing and other fabricated wire products. The Company markets these products under the Tree Island, Halsteel, K-Lath, Industrial Alloys, TI Wire, True Spec and Tough Strand brand names. The Company also owns and operates a China-based company that assists the international sourcing of products to Tree Island and its customers.
This press release includes forward-looking information with respect to Tree Island Steel, including their business, operations and strategies, as well as financial performance and conditions. The use of forward-looking words such as, “may,” “will,” “expect” or similar variations generally identify such statements. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties including risks and uncertainties discussed under the heading “Risk Factors” in Tree Island Steel’s most recent annual information form and management discussion and analysis.
The forward looking statements contained herein reflect management’s current beliefs and are based upon certain assumptions that management believes to be reasonable based on the information currently available to management. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. In evaluating these statements, prospective investors should specifically consider various factors including the risks outlined in Tree Island Steel’s most recent annual information form and management discussion and analysis which may cause actual results to differ materially from any forward looking statement. Such risks and uncertainties include, but are not limited to: general economic, market and business conditions, the cyclical nature of our business and demand for our products, financial condition of our customers, competition, volume and price pressure from import competition, deterioration in the Company’s liquidity, disruption in the supply of raw materials, volatility in the costs of raw materials, significant exposure to the Western United States due to lack of geographic diversity, dependence on the construction industry, transportation costs, foreign exchange fluctuations, leverage and restrictive covenants, labour relations, trade actions, dependence on key personnel and skilled workers, reliance on key customers, intellectual property risks, energy costs, un-insured loss, credit risk, operating risk, management of growth, changes in tax, environmental and other legislation, and other risks and uncertainties set forth in our publicly filed materials.
This press release contains information that is current as of the date of this press release, unless otherwise noted. Events occurring after that date could render the information contained herein inaccurate or misleading in a material respect. Readers are cautioned not to place undue reliance on this forward-looking information and management of Tree Island Steel undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise except as required by applicable securities laws.
Tree Island Steel Ltd.
Chief Financial Officer
Tree Island Steel Ltd.
Investor Relations & Capital Markets