TIMKEN HEADLINESSteel Producers /
Timken
Timken Workers Reject Agreement
Jan. 17, 2012 The Timken Company reports that members of United Steelworkers Local 1123 based in Canton failed to ratify a tentative agreement between their bargaining representatives and the company.
"Many parts of this company are growing and expanding around the world,” said Timken Steel Business President Salvatore J. Miraglia. “We are disappointed in this outcome because the contract was a necessary step before our commitment to invest $225 million in steel operations in Canton."
The company and Local 1123 had entered early contract negotiations in September, and the company announced in December that a tentative agreement had been reached, subject to a ratification vote. The tentative contract offered to the workers included wage and benefit increases, a signing bonus for ratification and additional job security measures.
Miraglia noted that the existing contract remains in effect until Sept. 2013. The company will evaluate other investment opportunities in bearing and power transmission markets and operations around the world to support the company's overall growth strategy.
Timken supplies innovative friction management and power transmission products and services. The company’s approximately 20,000 employees generated sales of $4.1 billion in 2010 from operations in 30 countries.