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.
About Titan
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.