Garlock Sealing Technologies Seeks Approval of Voluntary Severance Program for Certain Unionized Employees in Palmyra, New York

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Last week, related companies Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd. and The Anchor Packing Company asked the bankruptcy court in Charlotte, North Carolina to approve an "exit incentive" or voluntary severance program for certain unionized employees. The companies, which are affiliates of EnPro Industries (NYSE: NPO), are "the acknowledged global leader in high-performance fluid sealing products for the world’s processing industries," including chemicals and petrochemicals, refining, pulp and paper, power generation, semiconductor, primary metals, food and pharmaceuticals, and mining and original equipment manufacturers.

The exit incentive being proposed, final documentation of which is apparently still being negotiated, would only be available to members of the International Association of Machinists and Aerospace Workers in Palmyra, New York who (1) are 55 years of age or older and (2) have worked for Garlock for 10 years or more. The incentive program would exclude officers and insiders of the companies. Employees who opt into the exit incentive program would receive a severance payment equal to one and a half weeks for every two (2) years of services. Participation in the program would also require approval by Garlock for each employee, it appears from the court filings.

Read the rest of this article in the attached document or by visiting our blog: http://blog.ch11cases.com/2011/06/garlock-sealing-technologies-seeks.html

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Randall Reese, Restructuring Concepts LLC | Attorney Advertising

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