TORONTO, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX:FTG) is pleased to announce a new contract with its represented employees at its Aerospace – Toronto facility has been negotiated and ratified.
The contract has a four-year term and expires in August 2027. The contract recognizes the strong demand at that site, the commitment to continuous improvement by everyone, as well as the external environment impacting the corporation and its employees.
With the ratification of this agreement, all employees will return to work immediately, ending a six-week work stoppage. The work stoppage negatively impacted customers, employees and investors. For customers, we will work diligently to get our deliveries back on track as quickly as possible, using all the resources we have available at FTG. For employees, we know the work stoppage hurt them financially and the final settlement included a signing bonus to partially mitigate the lost wages. And for investors, the work stoppage will negatively impact our first quarter through reduced revenues of $3-4M and the corresponding profits. This will be a one-time impact to the company.
“I believe the contract is well balanced with improved wages and benefits for the employees that are the direct result of the commitment by everyone to improve productivity through an ongoing focus on operational excellence”, stated Brad Bourne, President, and CEO, FTG Corporation. He added, “we are seeing strong demand at the Aerospace - Toronto site and we can now focus our efforts to ramp up production to support our customers’ needs.”
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defence electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defence, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia, Minnetonka, Minnesota, Haverhill Massachusetts and a joint venture in Tianjin, China.
FTG Aerospace manufactures and repairs illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defence equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, and Tianjin, China.
The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG’s operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation’s industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
For further information please contact:
Bradley C. Bourne, President and CEO
Firan Technology Group Corporation
Tel: (416) 299-4000 x314
bradbourne@ftgcorp.com
Jamie Crichton, Vice President and CFO
Firan Technology Group Corporation
Tel: (416) 299-4000 x264
jamiecrichton@ftgcorp.com
Additional information can be found at the Corporation’s website www.ftgcorp.com
