Market Overview

Northern Tier Refinery Workers Vote To Strike

Last night, workers from the Northern Tier (NYSE: NTI) refinery in St. Paul Park, Minn. voted overwhelmingly to strike if necessary, rejecting cuts proposed by management that could dramatically undermine the safety of operations. The refinery workers are represented by Teamsters Local 120.

The collective bargaining agreement covering nearly 200 workers…Last night, workers from the Northern Tier refinery in St. Paul Park, Minn. voted overwhelmingly to strike if necessary, rejecting cuts proposed by management that could dramatically undermine the safety of operations. The refinery workers are represented by Teamsters Local 120.

The collective bargaining agreement covering nearly 200 workers at Northern Tier's only refinery expires on Dec. 31, 2013.

"Management's proposals to eliminate jobs, cut wages as much as 40 percent, and enforce other onerous changes to working conditions will drive trained professionals away from this very dangerous work," said Joe Riley, a member of Local 120 who has worked at the refinery for more than 30 years. "In this line of business we worry every day about an explosion or deadly leak. We just cannot work under the proposed conditions, it isn't safe."

In November 2013, Western Refining [NYSE: WNR] agreed to pay $775 million to buy out the controlling 38.7 percent interest of Northern Tier from two private equity companies---TPG and Acon Investments-- financing the deal with a $550 million bond offering and the balance in cash. Analyst reports suggest that Northern Tier

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Posted-In: News Guidance Offerings Contracts Buybacks Management Global

 

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