Wednesday, March 2, 2005
For Immediate Release
St. Catharines, ON – North American Pools will remain in operation thanks to a new investor and the members of IAMAW Local Lodge 2413.
The 70 members ratified a new two-year agreement that freezes their wages and benefits at the current levels. Under the agreement, after 18 months, a wage-opener clause allows wage increases to be implemented based on the financial viability of the company at that time. “The cash infusion into the company by the new investor, Priveq, hinges upon our members accepting this deal,” said IAMAW DL 140 Assistant Deputy, Sandro Sperduti.
“It was pretty straightforward, either accept the deal or everyone was out on the street. We met with the new investor and they have stated they have a tentative agreement with North American.” Added Sperduti, “they will immediately put money into operating capital and people will be paid. Both the membership and the company are happy to be working and that’s the bottom line.”
North American Pools is a world-leading manufacturer of aboveground and in ground swimming pools.
The IAMAW is among the largest industrial trade unions in North America and represents more than 700,000 active and retired members and administers more than 5,000 contracts in transportation, woodworking, aerospace, manufacturing and defense related industries.
