The Hastings-based piston ring manufacturer and engine-products specialist reported that the contract, which was formalized on Friday, includes annual wage increases, annual lump-sum payouts and additional benefits. Other terms of the agreement, which encompasses workers in production/maintenance and office/clerical of UAW Local 138, were not disclosed.
“We are pleased with this agreement and look forward to continuing to drive our business forward with the help of our valuable employees,” said Andrew Johnson, president of Hastings. “This new contract is mutually beneficial and allows us greater flexibility as an organization to respond to market conditions and run our business more effectively.”
Johnson said it has been 15 years since the last new contract between the union and the company. Hastings and UAW Local 138 had been operating on several extensions of an original eight-year contract.
“We are pleased with the agreement and look forward to our continued partnership with Hastings,” said Randy Hughes, president of UAW Local 138.
Hastings Manufacturing serves the automotive parts market with a complete line of internal engine products including piston rings and pistons sold under the Hastings brand name; and gaskets, import pistons, engine bearings and a variety of other engine components sold under the ACL brand.