Tree Island Wire Income Fund announced that its operating company, Tree Island Industries Ltd. and Teamster Local 213 have successfully concluded a new three-year collective agreement. The agreement, which covers hourly employees at Tree Island’s Richmond, BC, Canada, manufacturing facility, was concluded after the unionized employees voted for ratification this past weekend. The new collective agreement is retroactive to 1 July 2012 and introduces, among other improvements, a new wage and benefits structure that will provide for a long term foundation of improved labour and productivity costs.

"We are pleased to have reached a balanced, long-term agreement with the Teamsters and I want to thank the bargaining unit and all members for their continued support and leadership as we re-position the company toward sustained profitability," said Dale R. MacLean, President and CEO of Tree Island Industries and a Trustee of the Fund. "This now gives us added stability for our customers, employees and suppliers as we continue to build on our strengths and focus on our goals of manufacturing and service excellence, while growing profitable business lines."