VLN Velan Inc

Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a world-leading manufacturer of industrial valves announced today that union members at its Williston, Vermont plant have voted down the three-year collective agreement negotiated and signed in September. The collective agreement that the parties had sought to renew had been in effect since October 1, 2021.

Following this vote on Saturday, October 5, 2024, the union subsequently voted to strike, with immediate effect. The decision directly affects under 45 employees, or just under 3% of Velan's total workforce.

Velan is committed to minimizing the impact on its customers. Velan's Canadian and International operations are unaffected by the strike action.

Velan will continue to work with the union to resolve this dispute and reach a fair resolution. While discussions are ongoing, there can be no assurances as to when a new collective bargaining agreement will be entered into.   

Contact :Rishi Sharma, Chief Financial OfficerVelan Inc.  Tél. : (438) 817-4430