TITAN INTERNATIONAL, INC. RATIFIES FOUR YEAR UNION CONTRACT WITH UNITED STEELWORKERS
Titan International (NYSE: TWI), a global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, has announced the ratification of new four-year contracts with United Steelworkers (USW) employees at three locations: Bryan, OH (Local 890), Freeport, IL (Local 745), and Des Moines, IA (Local 164).
The contracts, which are effective immediately, maintain many aspects of the previous agreements while including changes that acknowledge employee dedication. According to CEO Paul Reitz, the agreement benefits all parties and will help Titan attract and retain employees while positioning the company for growth and maintaining its global market leadership.
Titan International (NYSE: TWI), un produttore globale di ruote, pneumatici, assemblaggi e prodotti per il sottocarro, ha annunciato la ratifica di nuovi contratti quadriennali con i dipendenti degli United Steelworkers (USW) in tre sedi: Bryan, OH (Locale 890), Freeport, IL (Locale 745) e Des Moines, IA (Locale 164).
I contratti, che sono immediatamente efficaci, mantengono molti aspetti degli accordi precedenti, includendo al contempo modifiche che riconoscono la dedizione dei dipendenti. Secondo il CEO Paul Reitz, l'accordo è vantaggioso per tutte le parti e aiuterà Titan ad attrarre e trattenere i dipendenti, posizionando l'azienda per la crescita e mantenendo la sua leadership nel mercato globale.
Titan International (NYSE: TWI), un fabricante global de ruedas, neumáticos, ensamblajes y productos de tren de rodaje, ha anunciado la ratificación de nuevos contratos de cuatro años con los empleados de United Steelworkers (USW) en tres ubicaciones: Bryan, OH (Local 890), Freeport, IL (Local 745) y Des Moines, IA (Local 164).
Los contratos, que son efectivos de inmediato, mantienen muchos aspectos de los acuerdos anteriores a la vez que incluyen cambios que reconocen la dedicación de los empleados. Según el CEO Paul Reitz, el acuerdo beneficia a todas las partes y ayudará a Titan a atraer y retener empleados, posicionando a la empresa para el crecimiento y manteniendo su liderazgo en el mercado global.
타이탄 인터내셔널 (NYSE: TWI), 오프 하이웨이 휠, 타이어, 조립품 및 언더카리지 제품의 글로벌 제조업체,는 세 곳(Bryan, OH (로컬 890), Freeport, IL (로컬 745), Des Moines, IA (로컬 164))의 United Steelworkers (USW) 직원과 새로운 4년 계약의 비준을 발표했습니다.
즉시 효력이 발생하는 이 계약은 이전 계약의 많은 측면을 유지하면서도 직원의 헌신을 인정하는 변화가 포함되어 있습니다. CEO인 Paul Reitz에 따르면, 이번 협약은 모든 당사자에게 이익이 되며, 타이탄이 직원 유치 및 유지에 도움을 주고 회사의 성장 가능성을 높이며 글로벌 시장 리더십을 유지하는 데 도움이 될 것입니다.
Titan International (NYSE: TWI), un fabricant mondial de roues, de pneus, de systèmes d'assemblage et de produits de châssis, a annoncé la ratification de nouveaux contrats de quatre ans avec les employés des United Steelworkers (USW) dans trois sites : Bryan, OH (Local 890), Freeport, IL (Local 745) et Des Moines, IA (Local 164).
Les contrats, qui entrent en vigueur immédiatement, conservent de nombreux aspects des accords précédents tout en incluant des modifications qui reconnaissent le dévouement des employés. Selon le PDG Paul Reitz, l'accord bénéficie à toutes les parties et aidera Titan à attirer et à retenir des employés tout en positionnant l'entreprise pour la croissance et en maintenant sa position de leader sur le marché mondial.
Titan International (NYSE: TWI), ein globaler Hersteller von Off-Highway-Rädern, Reifen, Baugruppen und Unterwagenprodukten, hat die Ratifizierung neuer vierjähriger Verträge mit den United Steelworkers (USW) an drei Standorten bekannt gegeben: Bryan, OH (Local 890), Freeport, IL (Local 745) und Des Moines, IA (Local 164).
Die Verträge, die sofort in Kraft treten, behalten viele Aspekte der vorherigen Vereinbarungen bei und beinhalten Änderungen, die dem Engagement der Mitarbeiter Rechnung tragen. Laut CEO Paul Reitz kommt die Vereinbarung allen Parteien zugute und wird Titan dabei helfen, Mitarbeiter zu gewinnen und zu halten, während das Unternehmen für Wachstum positioniert wird und seine globale Marktführerschaft aufrechterhält.
- Successful ratification of four-year labor agreements across three major facilities
- Labor stability secured for medium-term operations
- Maintained positive relationship with United Steelworkers union
- None.
Insights
The ratification of a four-year labor agreement between Titan International and the United Steelworkers union marks a crucial operational milestone that provides essential stability for the company's manufacturing operations. The contract covers three strategic facilities that are vital to Titan's production of off-highway wheels, tires and related components.
This agreement comes at a pivotal time in the manufacturing sector, where labor negotiations have become increasingly complex due to inflationary pressures and a tight labor market. While specific terms weren't disclosed, the contract's four-year duration offers predictable labor costs through 2029, enabling better long-term planning and potentially stabilizing margins in Titan's core business segments.
The timing and successful ratification are particularly significant for several reasons:
- It prevents potential production disruptions that could affect relationships with OEM customers in agricultural and construction markets
- The multi-facility coverage (Ohio, Illinois and Iowa) ensures consistent labor practices across key manufacturing locations
- The agreement's immediate effectiveness eliminates any transition period uncertainty
- CEO's statement about attracting and retaining employees suggests competitive compensation terms, important for maintaining quality and productivity
For investors, this development reduces operational risk and enhances Titan's ability to meet customer demands in the growing off-highway vehicle market. The contract's similarity to previous agreements, with adjustments reflecting employee appreciation, suggests a balanced approach to cost management while maintaining workforce stability.
"We are pleased to announce the negotiation and ratification of a new four-year contract that is a win for all parties involved," stated Paul Reitz, Titan's President and CEO. "This agreement is a testament to the hard work and dedication of both the USW and Titan management teams. The tremendous folks in our plants who build our market leading products are critical to Titan's success in meeting and exceeding the needs of our customers. I believe that the approved four-year contracts will enable us to continue to attract and retain a strong employee base that positions Titan for growth and also solidify our position as a global market leader into the future.
The new contracts are effective immediately and are similar to our prior contracts in many aspects with changes that reflect our appreciation for the commitment and dedication of our employees."
About Titan
Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in
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SOURCE Titan International, Inc.
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