ALAMO GROUP INC. ANNOUNCES END OF STRIKE AT GRADALL INDUSTRIES LLC

Rhea-AI Summary

Alamo Group (NYSE: ALG) announced the end of a strike at its subsidiary, Gradall Industries, on May 20, 2024. The strike started on April 14, 2024, involving around 200 workers from the International Association of Machinists and Aerospace Workers, District Lodge 54, Local Lodge 1285. An agreement was reached for a new five-year labor contract, signaling a resolution to the industrial action at the New Philadelphia, Ohio facility.

Positive

• The strike at Gradall Industries has ended, potentially improving workforce morale and productivity.
• A new five-year labor agreement has been reached, providing stability for future operations.
• Resolution of the strike may positively impact Alamo Group's supply chain and output.

Negative

• The strike lasted for over a month, which could have disrupted production and impacted revenue.
• Potential financial losses due to halted operations during the strike period.

SEGUIN, Texas, May 20, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) announced that on May 20, 2024 the strike that began on April 14, 2024 by unionized workers at its subsidiary, Gradall Industries LLC, located in New Philadelphia, Ohio (the "Company"), has ended. The approximately 200 workers part of the International Association of Machinists and Aerospace Workers, District Lodge 54, Local Lodge 1285, and the Company reached an agreement on a new five-year labor agreement.

About Alamo Group

Alamo Group is a leader in the design, manufacture, distribution and service of high quality equipment for infrastructure maintenance, agriculture and other applications. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, other industrial equipment, agricultural implements, forestry equipment and related after-market parts and services. The Company, founded in 1969, has approximately 4,350 employees and operates 29 plants in North America, Europe, Australia and Brazil as of March 31, 2024. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.

Forward Looking Statements

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: adverse economic conditions which could lead to a reduction in overall market demand, supply chain disruptions, labor constraints, unanticipated acquisition results, increasing costs due to inflation, disease outbreaks, geopolitical risks, including effects of the war in Ukraine and the Middle East, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

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SOURCE Alamo Group Inc.

FAQ

When did the strike at Gradall Industries end?

The strike at Gradall Industries ended on May 20, 2024.

How long did the strike at Gradall Industries last?

The strike at Gradall Industries lasted from April 14 to May 20, 2024.

How many workers were involved in the Gradall Industries strike?

Approximately 200 workers were involved in the Gradall Industries strike.

What union represented the workers in the Gradall Industries strike?

The workers were represented by the International Association of Machinists and Aerospace Workers, District Lodge 54, Local Lodge 1285.

What is the duration of the new labor agreement at Gradall Industries?

The new labor agreement at Gradall Industries is for five years.

How might the end of the strike at Gradall Industries impact Alamo Group (ALG)?

The end of the strike could improve workforce morale, productivity, and stabilize future operations, positively impacting Alamo Group (ALG).