Todd Pacific employees ratify new labor agreement

Todd Shipyards Corporation (NYSE:TOD) announced that its wholly owned subsidiary, Todd Pacific Shipyards Corporation has reached an agreement with the Puget Sound Metal Trades Council for a new five-year collective bargaining agreement.

The agreement calls for an average increase of 4.5 percent per year to be applied to wages, health care and pension.

The Agreement was ratified by the employees of Todd by more than a 2-1 margin. ToddÕs employees are represented by eleven local unions that negotiate under the umbrella of the Puget Sound Metal Trades Council.

ToddÕs workforce had been operating under an extension of the old collective bargaining agreement since its expiration on July 31, 2008. The new Agreement will expire July 31, 2013.