Texarkana steelworkers reach tentative agreement: UPDATE II

Local union leaders and management did their part to try and put the local Cooper Tire facility in a more competitive position as Cooper continues plans to close one of its four U.S. facilities. Some details will be released tomorrow at an event in Texarkana, and the union members will vote Saturday on the renegotiated contract. Here are a couple of reports: Associated Press, Texarkana Gazette.

Update (Friday): Here's the Friday Texarkana Gazette article.

Update II (Friday afternoon): The Associated Press posts an updated report from local union president David Boone on the concessions being proposed by union leadership. The proposed concessions include no general wage increase and a choice of health-care plans. It also calls for a one-year pension freeze to allow the company more time to pay into the program. Boone said the company wanted to eliminate $36 million in costs to operate the plant, adding that the proposed contract helps Cooper Tire come close to reaching that goal.