Titan Extends Deadline For Fifth Time

(Akron/Tire Review) Despite claims that it has reached an agreement with the United Steelworkers that would pave the way for the completion of its planned purchase of Goodyear Tire & Rubber Co’s agricultural tyre business, Titan International has filed for its fifth extension for the deal. The new deadline set by Titan is 31 December.

Last week, Titan said that it had reached a tentative deal with USW Local 745, which represents Goodyear’s Freeport, Illinois, agricultural tyre plant, and said that it had an agreement with the USW international. According to Titan, USW Local 745 will schedule a ratification vote in the coming weeks.

Titan announced last February that it was buying Goodyear’s North American agricultural tyre business, including the Freeport plant, for $100 million. However, Goodyear’s master contract with the USW prevented the sale from being completed until the prospective purchaser – in this case, Titan – negotiated a new contract with the union.

Titan had to extend the completion date for the deal four times as it worked to reach an agreement with the USW and USW Local 745.