Viterra Inc.

Viterra Inc.

June 20, 2008 14:23 ET

Viterra Seeks Clarity on GSU's Saskatchewan Maintenance and Operations Units Vote

REGINA, SASKATCHEWAN--(Marketwire - June 20, 2008) - Viterra Inc. (TSX:VT) today announced that the Grain Services Union ("GSU") has released the results of a vote by members in the Saskatchewan Maintenance and Operations units, suggesting the GSU has received a slight majority in favour of a strike. For further clarity, Viterra has requested the breakdown between Saskatchewan Maintenance and Operations given that they are separate bargaining units.

"The voting results from the membership of the Saskatchewan Maintenance and Operations bargaining units suggest that almost half of our employees that cast a ballot support the Company's offer. A great number of our employees favour the Company's offer because it represents a significant commitment to competitive market-based compensation and introduces an annual incentive program that has the potential to add to an employee's total compensation in the range of 5, 10 and 15% of their pay," said Colleen Vancha, Vice-President of Investor Relations and Corporate Affairs.

The Company's five-year offer consists of a 6% compensation payment on signing and annual increases of 6, 5, 5, and 5% beginning November 1, 2008, with opportunities for further annual incentives.

The Company's proposal offers common terms and conditions of employment, including market-based compensation and benefits, fairness, flexibility and long-term labour stability.

The GSU's announcement indicated that 57% of the employees in Saskatchewan's Maintenance and Operations Units voted against the company's offer and that 80% of eligible employees participated in the vote. The Company is seeking further details.

"It is business as usual," Vancha said, adding that the Company stands by its offer to the Saskatchewan Maintenance and Operations Bargaining Units. The offer is the same offer that was overwhelmingly endorsed by unionized employees in Manitoba and Alberta.

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.
    Peter Flengeris
    Investor Relations and Corporate Affairs
    (306) 569-4810