Timken and USW Local 1123 Agree on Proposed Contract
12/19/2011 - The Timken Co. and the United Steelworkers Local 1123 have reached agreement on a new five-year contract. A ratification vote for the new contract is being scheduled.
The Timken Co. and the United Steelworkers (USW) Local 1123 have reached agreement on a new five-year contract.
The company entered early negotiations with USW Local 1123 in September following the company’s August announcement that it was evaluating a $225-million investment in its Faircrest Steel Plant, pending successful discussions with the union, suppliers and government officials.
"The company and the union were able to reach a tentative agreement that would pave the way for the most significant investment in our steel operations since we built the Faircrest plant," said Salvatore J. Miraglia Jr., President of Timken's Steel Group. "The expansion would position us to increase capacity, expand product range and strengthen competitiveness."
A ratification vote is being scheduled for the new contract, which will replace the existing contract that would have expired September 2013.
The Timken Co. supplies innovative friction management and power transmission products and services that help machinery perform more efficiently and reliably. In 2010, the company’s 20,000 employees operating from locations in 30 countries generated sales of $4.1 billion.
