New Labor Contract Ratified at Hoover Floor Care Dec 9, 2003

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The Hoover Company—the floor care division of Maytag Corporation—has announced that Local 1985 of the International Brotherhood of Electrical Workers ratified a new contract agreement that will be in effect through June 29, 2008.

I.B.E.W. Local 1985 represents production workers at Hoover's facilities in Stark County, OH, U.S., where the floor care business is headquartered. "The new contract is a positive development and helps both the company and employees by better positioning us to compete in a global floor care environment," said Tom Briatico, president of Hoover.

Mr. Briatico explained that the new contract extension addresses key cost issues such as active employee and retiree health benefits, work rule flexibilities, and job security language that guarantees a minimum level of jobs in North Canton, OH, U.S.

Hoover claims the contract is a positive development for the corporation, but with the early signing, the company expects to take a small charge in the fourth quarter 2003.

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