Collective Bargaining Agreement Covering Employees of Cavco’s Emlenton, Pennsylvania Plant Expires

Rhea-AI Summary

Cavco Industries, Inc. (CVCO) announces the expiration of a collective bargaining agreement with Pennwest TCC, leading to a strike by Union employees at its Emlenton, PA manufacturing plant. The Company aims to resume negotiations promptly for a fair contract.

PHOENIX, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") announces that as of today, the collective bargaining agreement between Pennwest TCC and The International Association of Machinists, which represents employees at the Company’s Emlenton, PA manufacturing plant, has expired. As a result, the Union employees elected to go on strike. We are eager to get back to the negotiating table and continue bargaining in good faith toward a contract that recognizes the Company's commitment to our employees. Negotiations are expected to resume early next week.

About Cavco
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. Our products are marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood and MidCountry. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco’s finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

For additional information, contact:

Mark Fusler Corporate Controller and Investor Relations investor_relations@cavco.com

Phone: 602-256-6263 On the Internet: www.cavcoindustries.com

FAQ

Why did Cavco Industries, Inc. (CVCO) announce the expiration of a collective bargaining agreement?

Cavco Industries, Inc. (CVCO) announced the expiration of a collective bargaining agreement with Pennwest TCC, leading to a strike by Union employees at its Emlenton, PA manufacturing plant.

What is the current situation with the Union employees at Cavco Industries, Inc. (CVCO) Emlenton, PA manufacturing plant?

The Union employees at Cavco Industries, Inc. (CVCO) Emlenton, PA manufacturing plant have elected to go on strike after the collective bargaining agreement expired.

When are negotiations expected to resume between Cavco Industries, Inc. (CVCO) and the Union employees?

Negotiations between Cavco Industries, Inc. (CVCO) and the Union employees are expected to resume early next week.