According to Reuters,
Turkish glassmaker Sisecam has reached a wage agreement with a workers'
union that had been threatening to strike. The deal was announced in a
written statement and has prevented the potential delay on the production
of Toyota's Corolla Verso, which is manufactured in Turkey.
Wage increases will
amount to a 14 percent increase, retroactive for the first half of 2003,
10 percent for the second half of the previous year, and 7 percent for
the first half of 2004, according to the wage agreement, it is reported.
Sisecam supplies 90
percent of glass components for Turkey's auto industry and shares for
the company rose 4.14 percent after the announcement was made, the Reuters
Kristal-Is, the union
involved in the wage dispute, had previously filed a court appeal against
the federal government, requesting that the government ban on strikes
be overturned and coworkers who have lost their jobs be reinstated. The
union had tried to strike twice before, in October 2003 and again in January
2004, resulting in a 60-day governmental ban on the action.
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