WEST CHICAGO, Ill.,
Jan. 12, 2022 /PRNewswire/
-- Titan International, Inc. (NYSE: TWI) ("Titan") announced
today that Titan employees represented by the United Steelworkers
("USW") have voted to ratify new three-year contracts applicable to
Titan's operations located in Bryan,
OH (Local 890), and Freeport,
IL (Local 745) and Des Moines,
IA (Local 164). The three approved contracts cover
approximately 800 USW-represented workers.
"We look forward to moving ahead under these contracts and
appreciate working with the leadership of all our unions to
finalize a package that is good for all involved," stated
Paul Reitz, Titan's President and
CEO. "Titan's success in providing our customers with
market leading products is based on the strength of our One Titan
team, especially the tremendous people in our plants that build
them. We want to thank each and every one of our employees
for their continued hard work and dedication. I am confident
that the approved three-year contracts position Titan for growth
and allow us to continue to attract and retain top-notch employees
which will solidify our position as a global market leader into the
"The benefits from these contracts begin immediately and reflect
our appreciation for the commitment and dedication of our employees
during the challenging times in recent years. The new contracts
include incentive plans that provide financial rewards for
achieving mutually agreed-to plant performance improvements."
Safe Harbor Statement: This press release contains
forward-looking statements. These forward-looking statements are
covered by the safe harbor for "forward-looking statements"
provided by the Private Securities Litigation Reform Act of 1995.
The words "believe," "expect," "anticipate," "plan," "would,"
"could," "potential," "may," "will," and other similar expressions
are intended to identify forward-looking statements, which are
generally not historical in nature. These forward-looking
statements are based on our current expectations and beliefs
concerning future developments and their potential effect on us.
Although we believe the assumptions upon which these
forward-looking statements are based are reasonable, these
assumptions are subject to significant risks and uncertainties.
These risk factors include, but are not limited to the effect of
the COVID-19 pandemic on our operations and financial performance;
changes in the marketplace, including new products and pricing
changes by the Company's competitors; levels of operating
efficiencies; the effect of a recession on the Company and its
customers and suppliers; risks relating to our manufacturing
facilities, including that any of our material facilities may
become inoperable. Additional risks and other factors that
could cause actual results or events to differ materially from
those contemplated in this release are detailed in the Company's
reports on Forms 10-K and 10-Q filed with the Securities and
Exchange Commission, especially the disclosures under "Risk
Factors" in those reports. These forward-looking statements are
made only as of the date hereof. The Company cautions that any
forward-looking statements included in this press release are
subject to a number of risks and uncertainties, and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
changed circumstances or future events, or for any other reason,
except as required by law.
About Titan: Titan International, Inc. (NYSE: TWI) is a
leading global manufacturer of off-highway wheels, tires,
assemblies, and undercarriage products. Headquartered in
West Chicago, Illinois, the
company globally produces a broad range of products to meet the
specifications of original equipment manufacturers (OEMs) and
aftermarket customers in the agricultural,
earthmoving/construction, and consumer markets. For more
information, visit www.titan-intl.com.
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SOURCE Titan International, Inc.