QUINCY -- Titan International Inc. and the United Steelworkers have reached new five-year contracts for Titan facilities in Des Moines, Iowa, Freeport, Ill., and Bryan, Ohio.
"These are good contracts for our bargaining unit employees and our shareholders," said Titan President and CEO Paul Reitz.
The contracts introduce a new profit-sharing plan, which will take effect in the second year of the agreements. Reitz said United Steelworkers will be rewarded based on their respective plant's profitability.
"In addition to the salary and benefit provisions, the new agreements provide additional management rights and economic flexibility that the prior agreement did not allow," Reitz said.
Titan International is a global manufacturer of off-highway wheels, tires, assemblies and undercarriage products. Headquartered in Quincy, the company produces items for agriculture, earth moving, construction and consumer markets. Titan stock trades on the New York Stock Exchange under the TWI symbol.