Union in Des Moines ratifies extension with Titan
The United Steelworkers (USW) Local 164 in Des Moines, Iowa, has ratified a labor extension agreement with Titan Tire Corp. The agreement extends the current contract termination date from December 2006 to November 2010.
The Des Moines plant has the capacity to produce 8,000 farm and OTR tires a day, according to Modern Tire Dealer's 2005 Facts Issue.
Titan Tire Corp. is a subsidiary of Titan International Inc. The parent company's stock price closed at $17.44 a share on the New York Stock Exchange on Thursday, Dec. 22. That compares to a 52-week high and low of $18.17 and $12.30, respectively.
The same day of the ratification, USW Local 745 in Freeport, Ill., gave Titan International the green light to proceed with its acquisition of Goodyear Tire & Rubber Co.'s farm tire division. The transaction includes Goodyear's farm tire manufacturing plant in Freeport.
The union voted 78.1% to 21.9% to approve a five-year contract for the Freeport facility. The anticipated sale date will be Jan. 1, 2006.
The Freeport plant's capacity is 10,000 farm tires a day, according to MTD.