31 Jul 2007
Pittsburgh, Pennsylvania -- The United Steelworkers and the Carlyle Group have ironed out "outstanding issues" and has ratified a new contract, setting the stage for Carlyle to proceed with plans to purchase Goodyear´s Engineered Products business, according to the union.
About 1600 workers at four engineered products plants - in St Marys, Ohio; Lincoln, Nebraska; Sun Prairie, Wisconsin; and Marysville, Ohio - approved the pact last week by a more than two-to-one margin, the USW said.
However, the union said, issues related directly to establishing a secure trust for retiree health care, completely separate from the one at Goodyear, needed to be resolved and were over the weekend.
Carlyle has been in discussions with the USW since it reached agreement with Goodyear to buy the engineered products division for $1400 million (€1022 million).
From Rubber & Plastics News (A Crain publication)
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