Attached files
| file | filename |
|---|---|
| 8-K - Dresser-Rand Group Inc. | v165545_8k.htm |
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10205 Westheimer Road
Houston, TX 77042
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 2701 Dryden
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Dayton, OH
45439
|
For
Immediate Release
Workers
Ratify New Competitive Labor Agreement
At
Dresser-Rand’s Painted Post Operation
Painted
Post, NY, November 9, 2009 – Dresser-Rand Group Inc. ("Dresser-Rand" or the
"Company") (NYSE: DRC) and the IUE-CWA today confirmed that the members of
IUE-CWA Local 313, representing approximately 340 workers at Dresser-Rand
Company’s Painted Post, New York facility, have ratified a new labor agreement
after working for nearly two years without a contract. The contract
is effective November 9, 2009, through March 1, 2013.
“With
this new agreement, Painted Post secures its competitive position as a leading
reciprocating compressor manufacturer on the global stage,” stated Dresser-Rand
President and CEO Vincent R. Volpe Jr. “We are proud our employees
continued to focus on productivity, product quality and delivery performance as
we worked toward this long-awaited result.”
Calling
the agreement “innovative,” IUE-CWA President Jim Clark added: “We have new
language that will allow the union and company to work together on initiatives
that are of mutual benefit. Along with the leadership of Dresser-Rand, we at
IUE-CWA are convinced that with the proper approach it is possible for U.S.
manufacturers to be both globally competitive and provide workers with fair pay
and benefits.”
“The
company is pleased with having reached an agreement,” commented Jim Garman,
Dresser-Rand’s Vice President and Chief Administrative Officer. “By
ratifying the agreement the employees have achieved a level of certainty with
respect to wages and benefits for the next three and a half
years. The agreement also launches a spirit of renewed cooperation
between the union and company through the establishment of a Joint Business
Council to discuss issues such as safety, lean training and an apprenticeship
program.”
About
IUE-CWA
As the
Industrial Division of the Communications Workers of America, IUE-CWA represents
a force of 90,000 active and retired men and women united collectively to seek
dignity on the job and a secure future for themselves, their children and all
future generations. The Division is headquartered in Dayton, Ohio,
and represents workers primarily in manufacturing as well as the others in the
public sector and under the Service Contract Act.
About
Dresser-Rand
Dresser-Rand
is among the largest suppliers of rotating equipment solutions to the worldwide
oil, gas, petrochemical, and process industries. The Company operates
manufacturing facilities in the United States, France, United Kingdom, Germany,
Norway, India, and China, and maintains a network of 35 service and support
centers covering more than 140 countries.
****************
This news
release may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
include, without limitation, the Company’s plans, objectives, goals, strategies,
future events, future bookings, revenues, or performance, capital expenditures,
financing needs, plans, or intentions relating to acquisitions, business trends,
executive compensation, and other information that is not historical
information. The words “anticipates”, “believes”, “expects”,
“intends”, “appears”, “outlook”, and similar expressions identify such
forward-looking statements. Although the Company believes that such
statements are based on reasonable assumptions, these forward-looking statements
are subject to numerous factors, risks, and uncertainties that could cause
actual outcomes and results to be materially different from those
projected. These factors, risks and uncertainties include, among
others, the following: potential for material weaknesses in its internal
controls; economic or industry downturns; the variability of bookings due to
volatile market conditions, subjectivity clients exercise in placing orders, and
timing of large orders; volatility and disruption of the credit markets; its
inability to generate cash and access capital on reasonable terms and
conditions; its inability to implement its business strategy to increase
aftermarket parts and services revenue; competition in its markets; failure to
complete or achieve the expected benefits from any future acquisitions;
economic, political, currency and other risks associated with international
sales and operations; fluctuations in currencies and volatility in exchange
rates; loss of senior management; environmental compliance costs and
liabilities; failure to maintain safety performance acceptable to its clients;
failure to negotiate new collective bargaining agreements; unexpected product
claims and regulations; infringement on its intellectual property or
infringement on others’ intellectual property; difficulty in implementing an
information management system; and the Company’s brand name may be confused with
others. These and other risks are discussed in detail in the
Company’s filings with the Securities and Exchange Commission at
www.sec.gov. Actual results, performance, or achievements could
differ materially from those expressed in, or implied by, the forward-looking
statements. The Company can give no assurances that any of the events
anticipated by the forward-looking statements will occur or, if any of them
does, what impact they will have on results of operations and financial
condition. The Company undertakes no obligation to update or revise
forward-looking statements, which may be made to reflect events or circumstances
that arise after the date made or to reflect the occurrence of unanticipated
events. For information about Dresser-Rand, go to its website at
www.dresser-rand.com.
IUE-CWA
Contact: Joe Giffi, (585) 254-6212
Dresser-Rand
Investor Contact: Blaise Derrico, Director Investor Relations (713)
973-5497
DRC-FIN