A month-long strike at a materials plant operated by AdvanSix Inc. in Hopewell, Va., will end May 10.
More than 300 workers at the site have been on strike since early April. Employees represented by the site's bargaining unit — which includes four separate unions — voted to ratify a five-year collective bargaining agreement, AdvanSix officials said in a May 8 news release.
In the release, President and CEO Erin Kane said that the contract "provides fair and equitable market-based wages and benefits that support our employees and their families."
"We believe this contract will also serve to improve attraction, retention and development of our workforce that will support long-term sustainable growth," she added.
Throughout the strike, Kane said that AdvanSix "continued to enable safe, stable and sustainable operations" with its contingency workforce and "safely delivered to our customers each and every day with no disruption."
According to the AdvanSix website, the Hopewell plant is the world's largest single-site producer of caprolactam, a key nylon resin feedstock, The plant also is one of the world's largest single manufacturing sites for ammonium sulfate, which is used in fertilizers.
Parsippany, N.J.-based AdvanSix also recently released its first-quarter financial results. For the quarter, the firm's sales were down 16 percent vs. the year-ago period to $400.5 million, with profit down 44 percent to $35 million. Sales at AdvanSix's nylon unit were down 16 percent to $99.4 million.
For full-year 2022, AdvanSix posted sales of almost $2 billion, including sales of almost $500 million from its nylon unit, including resins.
On Wall Street, AdvanSix's per-share stock price began the year around $37 but was near $34 in early trading May 9, down about 8 percent so far in 2023.