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More on the new Yokohama labor contract

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Yokohama Tire Corp. has released additional details of its new, four-year labor contract with the United Steelworkers at the company's Salem, Va., consumer tire plant.

The contract contains a "no-closure" agreement for the life of the pact, an improved cost of living structure, continuation of the union's current pension plan, and various safety and health initiatives.

"This is a substantial contract with workable solutions," says Rex Simpson, Yokohama vice president, administration. "Both sides were professional and cordial throughout negotiations and both secured some of the changes they sought. When we signed off on the agreement, everyone was comfortable with it. It's safe to say both sides feel good about the process and the result."

The new contract expires in May 2014. Previously, the Salem plant operated under three-year contracts.

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