Viterra Inc.

Viterra Inc.

July 02, 2008 21:19 ET

Viterra Keeps Doors Open to All Employees- Implements Final Contract Offers

REGINA, SASKATCHEWAN--(Marketwire - July 2, 2008) - Viterra Inc. (TSX:VT) today served a legal notice to the Grain Services Union ("GSU") that it will implement the Company's final contract offers to Regina Offices and Saskatchewan Operations and Maintenance bargaining units, beginning at 12:01 a.m. on Monday, July 7, 2008. The notice to the GSU is for a rotating lockout, which does not physically keep affected bargaining unit employees from the workplace.

"We are taking these steps to create momentum towards a settlement that we believe benefits our employees, our customers, and all our stakeholders. What we are saying to employees who are part of these bargaining units is that our doors are open under the common terms and conditions in our last offer," said Mike Brooks, Viterra's Chief Information Officer.

All employees are required to report for their normal shift on Monday, July 7, 2008, under the new terms and conditions, which include market-based compensation and benefits, fairness and flexibility, and long-term stability.

"We hope our action will encourage the GSU to take the steps necessary to come to an agreement. We have advised the GSU that we would be pleased to meet with them as long as it is likely that progress will be made. We believe that the assistance of our Conciliator may be helpful," said Brooks.

Viterra's offer would give employees 27 per cent over five years. Additionally, employees have the potential to add to their compensation through an annual incentive program in the range of 5, 10 and 15 per cent.

Members of the Saskatchewan Maintenance and Operations bargaining units and the Regina Office bargaining unit voted earlier this month to reject the Company's offers. Alberta and Manitoba members belonging to the AgPro bargaining unit have embraced the same offer made by the Company.

Viterra reported earlier that should a labour disruption occur in Saskatchewan, the Company is prepared to operate its businesses.

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