Steelworkers ratify Goodyear Engineered Products contract

July 30, 2007

The Carlyle Group can proceed with its acquisition of Goodyear Tire & Rubber Co.'s Engineered Products division thanks to the United Steelworkers' ratification of a new labor contract with the company.

Four Engineered Products plants will become part of a new entity, EPD Inc., when the sale is finalized.

"Outstanding issues between USW International and Carlyle were resolved over the weekend," say union officials. "The issues related directly to establishing a secure trust fund for retiree health care completely separate from the one at Goodyear."

Carlyle was required to finalize a new labor deal with the Steelworkers before it could acquire the division. Carlyle intends to continue producing Goodyear brand hoses, belts and other products.