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AdvanSix Remains Committed to Reaching Comprehensive and Competitive New Five-Year Agreement with Hopewell South Bargaining Unit
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Rhea-AI Summary
AdvanSix (NYSE: ASIX) is facing a labor strike at its Hopewell, Virginia site, involving approximately 340 workers. The strike has been called by a coalition of unions due to economic considerations. AdvanSix proposed a new labor agreement aimed at providing competitive, role-specific wages, which it believes is fair and sustainable for employees. Erin Kane, President and CEO, stated that the company is prepared for safe and stable operations during the strike and is committed to reaching a resolution. However, there is currently no estimate on when negotiations will be completed or when workers will return to their roles.
AdvanSix plays a crucial role in global supply chains, delivering essential products across various industries. The company emphasizes its commitment to customer satisfaction and employee welfare.
Positive
AdvanSix proposed a new labor agreement focused on fair, market-based wages.
The company has contingency measures in place to ensure stable operations during the strike.
Negative
The labor strike involves around 340 workers, impacting operations at the Hopewell site.
There is uncertainty regarding the timeline for negotiations and employee return.
HOPEWELL, Va.--(BUSINESS WIRE)--
The AdvanSix Hopewell South bargaining unit, consisting of the International Chemical Workers Union Council/the United Food and Commercial Workers, Local 591-C, the International Brotherhood of Electrical Workers, Local 666, the International Association of Machinists and Aerospace Workers, Local No. 10, and the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry, Local 851, has called a labor strike due to economic considerations against AdvanSix (NYSE: ASIX), affecting approximately 340 workers at the Hopewell, Virginia site.
“AdvanSix proposed a new labor agreement that is fair and competitive in the market and equitable for our employees. The proposed terms offer a market-based, role-specific wage approach designed to ensure we are providing competitive wages to our valued employees while ensuring long-term, sustainable growth,” said Erin Kane, President and CEO of AdvanSix. “While we bargained in good faith with the unions, we have taken substantial contingency measures and are well prepared to support safe, stable and sustainable operations and continue delivering for our customers while our Hopewell South workers are on strike. AdvanSix is committed to doing its part to reach a resolution to this situation and calls on the union to do the same.”
AdvanSix does not currently have an estimate of when employees affected by the strike will resume activities or the timing for completion of negotiations with the Hopewell South bargaining unit.
About AdvanSix
AdvanSix plays a critical role in global supply chains, innovating and delivering essential products for our customers in a wide variety of end markets and applications that touch people’s lives, such as building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives and electronics. Our reliable and sustainable supply of quality products emerges from the integrated value chain of our five U.S.-based manufacturing facilities. AdvanSix strives to deliver best-in-class customer experiences and differentiated products in the industries of nylon solutions, chemical intermediates, and plant nutrients, guided by our core values of Safety, Integrity, Accountability and Respect. More information on AdvanSix can be found at http://www.advansix.com.
Forward Looking Statements
This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, that address activities, events or developments that our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements may be identified by words such as "expect," "anticipate," "estimate," “outlook,” "project," "strategy," "intend," "plan," "target," "goal," "may," "will," "should" and "believe" and other variations or similar terminology and expressions. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and difficult to predict, which may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: general economic and financial conditions in the U.S. and globally, including the impact of the coronavirus (COVID-19) pandemic and any resurgences; the potential effects of inflationary pressures, labor market shortages and supply chain issues; instability or volatility in financial markets or other unfavorable economic or business conditions caused by geopolitical concerns, including as a result of the conflict between Russia and Ukraine; the scope, shape and pace of recovery of the pandemic including the impact of social and economic restrictions and other containment measures taken to combat virus transmission; the effect on our customers’ demand for our products and our suppliers’ ability to manufacture and deliver our raw materials, including implications of reduced refinery utilization in the U.S.; our ability to sell and provide our goods and services; the ability of our customers to pay for our products; any closures of our and our customers’ offices and facilities; risks associated with increased phishing, compromised business emails and other cybersecurity attacks and disruptions to our technology infrastructure; risks associated with employees working remotely or operating with a reduced workforce; risks associated with our indebtedness including compliance with financial and restrictive covenants, and our ability to access capital on reasonable terms, at a reasonable cost, or at all, due to economic conditions or otherwise; the impact of scheduled turnarounds and significant unplanned downtime and interruptions of production or logistics operations as a result of mechanical issues or other unanticipated events such as fires, severe weather conditions, natural disasters, pandemics and geopolitical conflicts and related events; price fluctuations, cost increases and supply of raw materials; our operations and growth projects requiring substantial capital; growth rates and cyclicality of the industries we serve including global changes in supply and demand; failure to develop and commercialize new products or technologies; loss of significant customer relationships; adverse trade and tax policies; extensive environmental, health and safety laws that apply to our operations; hazards associated with chemical manufacturing, storage and transportation; litigation associated with chemical manufacturing and our business operations generally; inability to acquire and integrate businesses, assets, products or technologies; protection of our intellectual property and proprietary information; prolonged work stoppages as a result of labor difficulties or otherwise; cybersecurity, data privacy incidents and disruptions to our technology infrastructure; failure to maintain effective internal controls; our ability to declare and pay quarterly cash dividends and the amounts and timing of any future dividends; our ability to repurchase our common stock and the amount and timing of any future repurchases; disruptions in supply chain, transportation and logistics; potential for uncertainty regarding qualification for tax treatment of our spin-off; fluctuations in our stock price; and changes in laws or regulations applicable to our business. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our filings with the Securities and Exchange Commission (SEC), including the risk factors in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022, as updated in subsequent reports filed with the SEC.
