Kraus deal approved
Posted Jun 1, 2012 05:57:53 AM.
This article is more than 5 years old.
There is hope for around 350 workers at Kraus Carpet in Waterloo.
Unionized workers have voted in favour of new contracts which include wage cuts.
The concessions were necessary for Kraus to finalize a deal to sell a majority stake to a British private equities firm as well as receive secure funding from a U-S lender.
Union spokesperson Tim Deelstra tells the Record, Kraus has been struggling financially due to the U-S housing crisis and subsequent recession which has reduced demand for flooring and carpeting.
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