Titan discusses work force cuts at agricultural tire plant
FREEPORT, Ill.-Union workers and management at Titan International Inc.'s recently acquired agricultural tire plant in Freeport are discussing proposals to reduce the work force.
United Steelworkers Local 745 said plant management told the union July 19 that Goodyear will stop buying rubber stock from the factory and cut its purchases of all-terrain vehicle tires by two-thirds as of Aug. 1. Because of that, Titan said it may lay off some workers who are directly connected to the manufacture of those products for Goodyear, said Local 745 President Steve Vanderheyden.
Local news reports put the number of potential layoffs at 75, an estimate management initially gave to USW officials in the July 19 meeting. However, Vanderheyden said the number isn't firm, and since then, Titan has lowered the estimate.
About 700 union employees and 70 non-union employees work at Freeport, which makes ag tires. Goodyear is Freeport's only customer for rubber stock and ATV tires.
Pirelli sales and profits increase for first half of year
MILAN, Italy-Pirelli & C. S.p.A., experiencing strong earnings and sales by its Pirelli Tyre unit, reported solid earnings in the six-month period that ended June 30.
The company said operating income rose 6.7 percent to $270 million on a 3.4-percent increase in sales from the 2005 period to $3.06 billion.
Pirelli Tyre's operating profits climbed 4.1 percent of $243.7 million from the same period of 2005, while sales grew 12.4 percent to $2.52 billion.