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Timken Contract Extended Until Oct 2

Release time : 2015-06-12 09:28:36
The contract between Timken Co. and Steelworkers Local 1123 has been extended until Oct. 2. Both sides agreed to an extension of the contract that expires at midnight Sunday. The union???s Web site said ???the two parties are far apart??? after offering the company a revised set of economic proposals. The company agreed. ???We have bargained in good faith with proposals to ensure our business is competitive, and to keep our associates working,??? Sal Miraglia, president of Timken???s Steel Group said in a statement. ???We still have key economic issues to resolve, and we???ve decided to keep meeting so that we can make more progress toward an agreement.??? The union site said the company has proposed: Concessions to health care insurance for both active workers and retirees; monthly contributions to health care; cuts in pension benefits; no wage increases for the first two years of a four-year contract; a 1 percent wage increase for the third year; and, a 2 percent wage increase for the fourth year. ???The Negotiating Committee is committed to bridging the huge differences,??? the union statement said. ???We are unwilling to accept concessions from a company that has been consistently profitable for many years.??? The statement also showed respect for the company. ???Please report to work on your scheduled dates and times,??? it said. ???Continue to work safely and to the high standards that have made the Timken Co. a world leader.???