Yokohama Tire Manufacturing Virginia (YTMV), a wholly-owned subsidiary of Yokohama Tire Corp., and United Steelworkers Local 1023 have reached agreement on a new four-year contract, YTMC president Tetsuro Murakami announced.

“Both parties worked diligently to achieve a contract that is fair and equitable for all involved,” Murakami said, “and it highlights the positive working relationship between the two sides.”

Local 1023 represent approximately 750 employees at the Salem plant. The last contract was signed in 2010 and was also a four-year deal.

According to YTMV, the new contract includes a non-closure agreement of the plant during the life of the agreement, the continuation and improvement of the union’s current pension plan, and numerous safety and health measures.

“This is another significant contract which is expected to prove beneficial to all parties,” Murakami said. “Negotiations went smoothly, both sides were professional and cordial throughout the negotiations and we feel good about the result.”