QUINCY, Ill., May 19, 2017 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI) announced today that on Wednesday, May 17, the Titan employees represented by the United Steelworkers ("USW") voted to accept new five year contracts applicable to the Company's operations located in Des Moines, IA (Local 164), Freeport, IL (Local 745) and Bryan, OH (Local 890).
Paul Reitz, Titan's President and CEO, commented, "These are good contracts for our bargaining unit employees and our shareholders. We are thankful to the USW and our employees for their commitment to continue to work and build quality products as both parties worked through the bargaining process. With these new five year contracts we are excited to be able to continue to work together with the all of our employees as we maintain our position as a global leader in the markets we serve for many years to come."
"The new contracts introduce a new innovative, incentive profit-sharing plan, which takes effect in the second year of the agreements that rewards USW members based on their respective plant's profitability. A separate wage scale was also introduced for bargaining unit employees who are hired after the ratification date. In addition to the salary and benefit provisions, the new agreements provide additional management rights and economic flexibility that the prior agreement did not allow."
Safe harbor statement: This press release contains forward-looking statements, which 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," "outlook," "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, and are subject to change based on various factors, some of which are beyond Titan International, Inc.'s control. As a result, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to risks detailed in Titan International, Inc.'s periodic reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31, 2016. 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 several 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.
Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in Quincy, 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.
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SOURCE Titan International, Inc.