The Timken Company has decided it will invest $225 million to expand its Faircrest Steel Plant.
The announcement follows the approval of a new five-year contract with members of the United Steelworkers Local 1123 Golden Lodge by a vote of 1520-260.
The Canton Repository reports the agreement includes wage increases and increases in health care and pension benefits.
The new expansion at the speciality alloy steel manufacturer will be the largest investment since it opened in 1985.
New equipment for the Faircrest plant is expected to increase shipping capacity by 25 percent.
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