AdvanSix Remains Committed to Reaching Comprehensive and Competitive New Five-Year Agreement with Hopewell South Bargaining Unit
07 April 2023 - 12:50PM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230406005806/en/
Media Janeen Lawlor (973) 526-1615
janeen.lawlor@advansix.com
Investors Adam Kressel (973) 526-1700
adam.kressel@advansix.com
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