Viterra Inc.

Viterra Inc.

June 16, 2008 12:37 ET

GSU Members in Alberta and Manitoba Vote to Accept Company Offer

REGINA, SASKATCHEWAN--(Marketwire - June 16, 2008) - Viterra Inc. (TSX:VT) is pleased to announce that a majority of members of the Grain Services Union (GSU) in the AgPro (Alberta and Manitoba) bargaining unit have voted in favour of the Company's offer, which will provide them with common terms and conditions of employment, including market-based compensation and benefits, fairness and flexibility and long-term labour stability. Voting results released to the Company late Friday afternoon revealed that 85.5 percent of the employees who cast ballots voted to accept the final offer made by Viterra. Eighty-seven per cent of eligible employees participated in the vote. The agreement is subject to ratification by Viterra's Board of Directors.

"We are pleased that our Alberta and Manitoba employees have embraced a program that will help them reach their goals. Our five-year agreement offers improvements that nurture growth and career progression. As our Company succeeds, we want our employees to develop and prosper with us," said Colleen Vancha, Viterra's Vice-President of Investor Relations and Corporate Affairs.

"Our jobs depend on Viterra's ability to compete. To succeed, we must build on the strengths of our people. As a result, an important part of our plan going forward is to reward employees for their performance through pay increases and incentive payments. Based on performance measurements and goals, employees can enjoy an annual incentive program in the range of 5, 10 and 15 per cent that will potentially add to their total compensation," said Vancha, adding that Viterra has a long history of working fairly and respectfully with its employees.

Viterra's accepted offer includes a six per cent compensation payment on signing, annual increases (that are based on an individual employee's performance) of 6, 5, 5 and 5 per cent beginning November 1, 2008.

With today's results, Viterra now has approximately 630 employees in Alberta and about 570 employees in Saskatchewan and about 160 employees in Manitoba who enjoy programs that provide for the same system of pay, benefit and pension plans, and vacations and statutory holidays.

The GSU held votes for AgPro Manitoba on June 2nd and 3rd and for AgPro Alberta between June 9th and June 13th. Voting results for the GSU's Saskatchewan Maintenance and Operations unit are expected on June 20th. The Regina office's bargaining unit rejected the Company's offer on June 10th. The Company has said it stands by its offer made to the Offices bargaining unit.

Viterra Inc. is Canada's leading agri-business, with extensive operations and distribution capabilities across Western Canada, and with operations in the United States and Japan. The new company is diversified into sales and services of crop inputs and equipment, grain handling and marketing, livestock feed, agri-food processing and financial products. These operations are complemented by value-added businesses and strategic alliances, which allow Viterra to leverage its pivotal position between Prairie farmers and destination customers. The Company's common shares are listed on the Toronto Stock Exchange under the symbol VT.

Contact Information

  • Viterra Inc.
    Susan Cline
    Investor Relations and Corporate Affairs
    (306) 569-6948