TITAN INTERNATIONAL, INC. U.S. TIRE FACILITIES IN BRYAN (Ohio), FREEPORT (Illinois) and DES MOINES (Iowa) RATIFY NEW THREE-YEAR CONTRACTS
Titan International, Inc. (NYSE: TWI) announced that approximately 800 employees represented by the United Steelworkers voted to ratify new three-year contracts in Bryan, OH, Freeport, IL, and Des Moines, IA. CEO Paul Reitz expressed confidence that these contracts will foster growth and help retain top talent. The new agreements include incentive plans offering financial rewards for improved plant performance. This decision reflects Titan's commitment to employee dedication despite recent challenges.
- New three-year contracts ratified for approximately 800 employees enhance stability.
- Incentive plans included to reward performance improvements, potentially boosting productivity.
- CEO's confidence in contracts positioned for growth indicates positive future outlook.
- None.
WEST CHICAGO, Ill., Jan. 12, 2022 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI) ("Titan") announced today that Titan employees represented by the United Steelworkers ("USW") have voted to ratify new three-year contracts applicable to Titan's operations located in Bryan, OH (Local 890), and Freeport, IL (Local 745) and Des Moines, IA (Local 164). The three approved contracts cover approximately 800 USW-represented workers.
"We look forward to moving ahead under these contracts and appreciate working with the leadership of all our unions to finalize a package that is good for all involved," stated Paul Reitz, Titan's President and CEO. "Titan's success in providing our customers with market leading products is based on the strength of our One Titan team, especially the tremendous people in our plants that build them. We want to thank each and every one of our employees for their continued hard work and dedication. I am confident that the approved three-year contracts position Titan for growth and allow us to continue to attract and retain top-notch employees which will solidify our position as a global market leader into the future."
"The benefits from these contracts begin immediately and reflect our appreciation for the commitment and dedication of our employees during the challenging times in recent years. The new contracts include incentive plans that provide financial rewards for achieving mutually agreed-to plant performance improvements."
Safe Harbor Statement: This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "would," "could," "potential," "may," "will," and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties. These risk factors include, but are not limited to the effect of the COVID-19 pandemic on our operations and financial performance; changes in the marketplace, including new products and pricing changes by the Company's competitors; levels of operating efficiencies; the effect of a recession on the Company and its customers and suppliers; risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable. Additional risks and other factors that could cause actual results or events to differ materially from those contemplated in this release are detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission, especially the disclosures under "Risk Factors" in those reports. These forward-looking statements are made only as of the date hereof. 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, whether as a result of new information, changed circumstances or future events, or for any other reason, except as required by law.
About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
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SOURCE Titan International, Inc.
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