Titan Tire Corp. has reached a tentative agreement with the United Steelworkers (USW) Local 745L on a new contract for workers at the Goodyear Tire & Rubber Co. farm tire manufacturing facility in Freeport, Ill.
The USW, part of the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, will schedule a ratification vote in the coming weeks, according to Titan.
Titan Tire, a subsidiary of Titan International Inc., entered into a definitive agreement to purchase Goodyear's North American farm tire assets on Feb. 28, 2005. Under the terms of the master contract between Goodyear and the union, Titan needed to negotiate a new labor contract before its transaction with Goodyear could go through.
The tentative sale, valued at approximately $100 million, includes a licensing agreement which will allow Titan to manufacture and sell Goodyear-branded farm tires in North America.
Titan's stock price on the New York Stock Exchange closed at $17.29 on Wednesday, Nov. 23. That compares to a 52-week high and low of $18.17 and $12.25, respectively.
