Raytheon machinists ratify contract

IAM members overwhelmingly approve a new 3 year contract with Raytheon Missile Systems, thereby avoiding a repeat of the 10 week strike which spanned late 2006 into 2007.   Wage increases are set at 2.75%, 2.75% and 2.5%. Health insurance premium increases were capped at 22.5% for the first year, and 25% in each of the final 2 years.