June 28, 2012 / 6:59 PM / 8 years ago

Lockheed workers okay labor contract, end strike

June 28 (Reuters) - Lockheed Martin Corp workers who build the F-16 and F-35 fighter planes voted on Thursday to accept a new labor contract that would provide yearly pay increases of 2.5 percent to 3 percent and bonus payments, their union said.

The vote ends a nine-week strike by more than 3,600 members of the International Association of Machinists and Aerospace Workers union in Texas, California and Maryland.

Bob Wood, a spokesman for District Lodge 776 of the union, said the Lockheed labor accord was approved by an 80 percent margin. He added picket lines have been taken down and workers are to return to the job on Monday.

Separately, Lockheed said on Thursday that its board elected Christopher Kubasik to the new position of vice chairman. Kubasik, 51, the current Lockheed chief operating officer, will succeed Robert Stevens as chief executive in January.

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