Viterra Inc.

Viterra Inc.

September 13, 2008 00:42 ET

Viterra's Offers To Be Voted On By Union Members

REGINA, SASKATCHEWAN--(Marketwire - Sept. 13, 2008) - Viterra Inc. (TSX:VT) today announced that the Company has tabled its last, best and final offers to the Grain Services Union ("GSU") bargaining committees, representing the Regina Office and the Saskatchewan Country Operations and Maintenance bargaining units. The two parties yesterday resumed talks, and earlier today the GSU agreed to take the offers to its membership for a vote.

The GSU has informed the Company that it will present the offers to its members. Members will decide if they wish to accept or reject the Company's offers, and are expected to vote in the coming days.

Additionally, the GSU has agreed to suspend its strike activity at Saskatchewan country locations until the outcome of a vote is known. Viterra will lift the lockouts that were imposed on individual employees who participated in strike activity at eight of the Company's country facilities.

Regina Office employees will be presented the offer on Monday, September 15, with a vote currently anticipated for Tuesday, September 16.

If the agreements are accepted, employees will have a long-term contract with the same market-based compensation and health care benefits enjoyed by the vast majority of employees at Viterra.

"We are very pleased that the GSU's bargaining committee is taking this decision to employees for a vote. We respect the process and will now eagerly await a decision from them," said Viterra's Chief Operating Officer Fran Malecha, adding that the stability provided by a five-year contract will allow employees to build on the positive momentum and growth of the Company.

Viterra's offers to the affected bargaining units includes a compensation payment of 6% followed by general wage increases based on performance of 6, 5, 5 and 5 per cent, over the five-year term. 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. It is the same offer accepted by Alberta and Manitoba employees in the AgPro bargaining unit in June.

Viterra Inc. is Canada's leading agri-business, with extensive operations and distribution capabilities across Western Canada, and with operations in the United States, Japan and Singapore. 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