Titan International, Inc. Tire Plants Ratify New Four Year Contact
QUINCY, Ill. -- March 18, 2013
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.
Titan International, Inc., a holding company, owns subsidiaries that supply
wheels, tires, assemblies and undercarriage for off-highway equipment used in
agricultural, earthmoving/construction and consumer applications.
Titan International, Inc.
Krista Gray, (217) 221-4773
Investor Relations Manager
Press spacebar to pause and continue. Press esc to stop.