Timken’s Ohio expansion viable again with new labor agreement

Thursday, 09 February 2012 01:47:05 (GMT+2)

Canton, Ohio-based steelmaker and manufacturer The Timken Company announced Wednesday that it has come to a tentative labor agreement with the United Steelworkers (USW) Local 1123. This new agreement will replace the existing agreement on their five year contract, which expires in September 2013. Within the next few weeks, a vote will be taken by USW members on the new agreement--which is unanimously supported by local USW negotiators.

Both parties reached a preliminary agreement in December 2011, but the union membership failed to ratify the proposal in a January vote--putting at risk a multi-million dollar investment in Stark County, Ohio. Timken is prepared to invest US$225 million in its Faircrest Steel Plant if a new labor agreement is approved.

The project has received state and local assistance, in return for Timken's commitment to job security at the plant during the term of that support.

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