Lockheed Martin (LMT: Quote) and union negotiators reached a tentative agreement on a labor contract late Saturday to end the nine-week strike.
The terms of the agreement have not been disclosed. The union will hold a mass meeting and vote on the company's proposal.
At the request of the Federal Mediation and Conciliation Service, Lockheed Martin officials met Wednesday through Saturday this week with representatives of the International Association of Machinists and Aerospace Workers.
The IAM union represents 3600 employees at the Fort Worth plant and two military bases in California and Maryland.
"We are pleased to report our discussions with the union have been productive and we reached a tentative agreement this evening to end the strike," Greg Karol, Lockheed's vice president of labor relations, said in a statement.
"Lockheed Martin's revised offer will be unanimously recommended for acceptance by the union bargaining committee to the membership at the ratification vote early next week," Karol added. "We look forward to having them back on the job, building the world's best fighters".
On April 23, the workers walked out after rejecting Lockheed's demand to replace the pensions for new-hires with a 401(k) program and make cuts in health care benefits of all hourly employees.
LMT closed the Friday's trading session at $85.35, up $0.98. In after-hours trading, the shares rose 0.01% and ended at $85.36
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by RTT Staff Writer
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