EveryWare Global, Inc. announced that hourly workers at the company’s Lancaster, OH operation voted to accept revisions to their labor agreement that will reduce operating costs for the company. Hourly employees at its Monaca, PA facility voted down similar proposed revisions to their separate labor agreement.
The ratified agreement for the Lancaster facility remains subject to final documentation, approval by EveryWare’s board of directors, review of the company’s restructuring plan by the United Steelworkers Union, and a $20 million investment into the company by Monomoy Capital Partners, L.P. and its affiliated funds.
Although it is in receipt of an investment proposal by Monomoy, the company and Monomoy have no agreement on an investment at this time, according to EveryWare. The company noted in the announcement that “there is no guarantee that the company will reach agreement with Monomoy on the terms of an investment and there is no assurance that the company’s lender group will accept an equity investment by Monomoy or any other party.”