PotashCorp Averts Labor Strike

Potash Corp. of Saskatchewan Inc. (PotashCorp) announced that employees represented by United Steelworkers’ (USW) Local 7689 at Allan, USW Local 7458 at Cory and USW Local 189 at Patience Lake, voted Nov. 14 to ratify collective agreements tentatively agreed upon on a week earlier.

 

The three-year agreements are retroactive to May 1, 2008.

 

The cost of the settlements does not differ materially from the final offer put forward by the company in July, protecting PotashCorp’s long-term cost structure at its operations. Specifically, the collective agreements do not contain “commodity-based bonuses” or bonuses based on PotashCorp net income.

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