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Valve manufacturer Velan hit by strike involving 530 Quebec employees

Mon, 05/04/2009 - 7:07am

MONTREAL — Industrial valve maker Velan Inc. (TSX:VLN) has been hit by a strike at its Quebec plants.

Velan said Monday the stoppage involves 530 workers, out of its worldwide workforce of 1,800.

Management "cannot determine the possible impact on its operations and results at this time," the company stated.

It said the workers rejected a proposal for a three-year contract offering annual wage increases of 2.25, 2.25 and 2.5 per cent.

"The company believes that this is a fair offer, particularly in view of the current uncertain economic environment," Velan stated.

It noted that the last strike in its Quebec plants took place more than 20 years ago and lasted six days.

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