From Earlier: Timken and United Steelworkers of America Local 1123 Reach New Tentative Agreement

The Timken Company TKR and the United Steelworkers Local 1123 yesterday announced they have reached a new tentative agreement on a five-year contract to replace the existing labor agreement, which expires Sep. 2013. Members will vote on the new agreement, which is unanimously supported by local USW negotiators, within the next two weeks. The parties reached a preliminary agreement in December, but 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 $225 million in its Faircrest Steel Plant if a new labor agreement is ratified.