Unions Will Discuss Contract Negotiations During Critical Period
WASHINGTON, April 11 /PRNewswire-USNewswire/ -- The International Brotherhood of Teamsters and the United Steelworkers will host a conference call for securities analysts and shareholders of Accuride Corporation (NYSE:ACW) on Monday, April 16, 2007 at 2:00 p.m. EST. The unions will present to analysts and shareholders their views on current contract negotiations for workers employed at Accuride's Gunite plant in Elkhart, Indiana and Brillion Iron Works plant in Brillion, Wisconsin.
Collective bargaining agreements for workers in both Elkhart and Brillion expire on June 30. Negotiations have been contentious over benefit and scheduling issues for the Gunite plant. The union anticipates similar problems in upcoming Brillion Iron Works negotiations later this month.
Teamsters Local 364 represents workers at the Gunite plant and USW Local 2-475 represents workers at the Brillion Iron Works.
Private equity firms -- KKR and Trimaran Partners -- own more than a one- third stake in the company and have three representatives on the Accuride Board of Directors. The two firms took Accuride public in April 2005. The firms collect a combined $1 million dollars in annual management, financial services and consulting fees from Accuride. There has been some speculation that the firms are attempting to generate a change in control event. In November 2006, Accuride entered into new Change in Control agreements with senior management, which includes severance benefits that are equal to 200- 300% of the executive's salary plus either 200-300% of the greater of the average incentive compensation award over the three years prior to termination.
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States and Canada. DATASOURCE: International Brotherhood of Teamsters CONTACT: Louis Malizia of International Brotherhood of Teamsters, +1-202-624-6930 Web site: http://www.teamster.org/
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