Firan Technology Group Corporation announced a new contract with its represented employees at its Aerospace - Toronto facility has been negotiated and ratified. The contract has a four-year term and expires in August 2027. The contract recognizes the strong demand at that site, the commitment to continuous improvement by everyone, as well as the external environment impacting the corporation and its employees.

With the ratification of this agreement, all employees will return to work immediately, ending a six-week work stoppage. The work stoppage negatively impacted customers, employees and investors. For customers, the company will work diligently to get deliveries back on track as quickly as possible, using all the resources available at FTG.

For employees, know the work stoppage hurt them financially and the final settlement included a signing bonus to partially mitigate the lost wages. And for investors, the work stoppage will negatively impact first quarter through reduced revenues of $3-4 million and the corresponding profits. This will be a one-time impact to the company.