Velan Inc.

Velan Inc.

May 07, 2009 16:41 ET

Velan Inc.: Announcement

MONTREAL, QUEBEC--(Marketwire - May 7, 2009) - Velan Inc. (TSX:VLN) announced today that the unionized employees in its plants in the province of Quebec have voted to accept the Company's revised wage increase offer of 2.25; 2.25; 3% over 3 years and a bonus of 0.5% in the first year.

Normal operations will resume tomorrow, May 8, 2009 at 7:00 AM. This strike resulted in a work stoppage of 4 days. The last strike in its Quebec plants occurred more than 20 years ago and lasted 6 days.

The plants in the province of Quebec have a total of about 530 unionized workers, out of 1800 employees world-wide.

T.C. Velan, President

Contact Information

  • VELAN Inc.
    Tom Velan
    514-748-8635 (FAX)
    VELAN Inc.
    John D. Ball
    Chief Financial Officer
    514-748-7743, ext. 5537
    514-748-8635 (FAX)