Titan International, Inc. (NYSE: TWI) announces the United Steelworkers (“USW”) voted to accept the new four year contract for Des Moines, IA (Local 164), Freeport, IL (Local 745) and Bryan, OH (Local 890).
“This is a good contract for Titan employees and shareholders. Bryan and Freeport have been working without a contract for the past two years,” comments Maurice Taylor, CEO and Chairman of Titan International. “I believe the Steelworkers have a better understanding today on how Titan needs to use its unionized work force for the benefit of its employees as well as shareholders. Without profit, there are no jobs. This will be the last contract that I bargain with the union, and I assume the same for Jim Robinson, Director of the Steelworkers Union. Mr. Robinson started his career in a steel factory working in maintenance. While working at the steel company, he went on to become a lawyer for the union. Our views on politics are about one hundred eighty degrees apart, but when it comes to the working men and women, we share similar views. Everyone at Titan is looking to increase output, improve quality and on time delivery to our customers. We are anticipating that over the next few weeks we will be adding approximately three hundred to the workforce to increase the output of tires. The new contract gives the workforce a six percent increase spread over the four year contract. The percentage of pay increase each year varies from plant to plant but no increase in a given year is greater than two percent. Titan believes that it can offset these wage increases in better efficiency and utilization.”
Safe harbor statement:
This press release includes forward-looking statements that involve risks and uncertainties, including risks as detailed in Titan International, Inc.'s periodic filings with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31, 2012. The Company cautions that any forward-looking statements included in this press release are subject to a number of risks and uncertainties and the Company undertakes no obligation to publicly update or revise any forward-looking statements.
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