United Steelworkers (USW) members working at Titan International Inc. plants in Des Moines, Iowa, Freeport, Ill. and Bryan, Ohio have ratified a new five-year contract.
Local union members voted to approve the contracts May 17, 2017. The previous contract expired in November 2016.
Paul Reitz, Titan's CEO and president, said "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."