- Accord gives Accuride long-term agreements at its four U.S. and Canadian union-represented operations
EVANSVILLE, Ind., Nov. 25, 2014 (GLOBE NEWSWIRE) -- Accuride Corporation (NYSE:ACW), a leading supplier of components to the North American commercial vehicle industry, today announced that it has successfully reached a new four-year collective bargaining agreement (CBA) with the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW), Local 718, which represents 291 hourly associates at Accuride's facility in Rockford, Ill. The plant produces Gunite-brand brake drums, hubs and other wheel-end components for the North American commercial vehicle industry and is one of the country's oldest continuously-operating manufacturers.
Accuride President and CEO Rick Dauch praised the new agreement: "Accuride greatly appreciates our Rockford associates' commitment to creating an industry-leading, globally competitive facility. This shared achievement underscores the talent and dedication of our Rockford team and follows Accuride's three-year, $61 million investment in new production equipment and process upgrades that is enabling them to achieve world-class quality and operating performance. This new agreement ensures that customers can rely on the dependable supply of world-class, Made-in-the-USA products from Gunite."
The parties entered into their prior CBA in November 2010. The new agreement is retroactive to November 18, 2014 and effective through March 25, 2019. It follows Accuride's recently negotiated and competitive long-term agreements:
- March 2013 with the Canadian Auto Workers at its London, Ontario, steel wheel plant,
- November 2013 with the U.S. Steelworkers at its Brillion Iron Works facility in Brillion, Wisc., and
- May 2014 with the United Auto Workers at its Erie Operations aluminum wheel plant in Erie, Pa.
Together, these CBAs provide Accuride with labor stability at its U.S. and Canadian union-represented operations through March 2018 and into early 2019. The new agreements also ensure that Accuride has the operational flexibility to be competitive as it pursues profitable growth in the cyclical core markets it serves.
About Accuride Corporation
With headquarters in Evansville, Ind., USA, Accuride Corporation is a leading supplier of components to the North American commercial vehicle industry. The company's products include commercial vehicle wheels; wheel-end components and assemblies; and specialty cast-iron components for a range of agricultural, construction and mining, and oil and gas equipment applications. The company's products are marketed under its brand names, which include Accuride®, Accuride Wheel End SolutionsTM, Gunite®, and BrillionTM. Accuride's common stock trades on the New York Stock Exchange under the ticker symbol ACW. For more information, visit the Company's website at http://www.accuridecorp.com.
Statements contained in this news release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Accuride's expectations, hopes, beliefs, and intentions with respect to future results. Such statements are subject to the impact on Accuride's business and prospects generally of, among other factors, market demand in the commercial vehicle industry, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Accuride's Securities and Exchange Commission filings, including those described in Item 1A of Accuride's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Any forward-looking statement reflects only Accuride's belief at the time the statement is made. Although Accuride believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee its future results, levels of activity, performance or achievements. Except as required by law, Accuride undertakes no obligation to update any forward-looking statements to reflect events or developments after the date of this news release.
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