Psychoblues
12-09-2008, 01:38 AM
I hope to see a lot more of these win-win negotiations in labor/management considerations!!!!!!!!!!!! I have extensive and almost always positive experiences in these type endeavors!!!!!!!!!!!!!
Source: Reuters
DETROIT (Reuters) - The United Auto Workers union is seeking a stake in General Motors Corp and a board seat as it offers concessions intended to allow the automaker to slash costs and clinch federal aid, a union official said.
In a posting on the UAW Local 2404 website, local president Marc McQuillen said union leadership had said rank-and-file workers would have to ratify new concessionary contract provisions for GM by March 31.
The UAW will also offer another round of buyouts in 2009 if government bailout funds are provided to GM and allowed to be used for that purpose, McQuillen said.
"In return for these actions, the UAW seeks an equity stake in the company most likely in the form of a board seat," McQuillen said.
GM, Ford Motor Co and Chrysler LLC have cut some 150,000 UAW-represented jobs over the past three years, but another round of buyouts in 2009 could allow them to cut labor costs by hiring in new workers at sharply lower wage rates.
McQuillen was one of the UAW officials who attended an emergency meeting called by the union's senior leadership last Wednesday in Detroit and his report was a summary of those closed-door meetings for his membership.
At the meeting, the union said it would allow GM and its Detroit rivals to postpone contributions to a trust fund scheduled to take over $85 billion in liabilities for retiree health care from 2010.
The union also said it would scrap a controversial provision of its contract that puts idled GM workers into a "Jobs Bank" where they collect almost full wages and benefits.
UAW local officials were briefed in Detroit by Steve Girsky, a banker with a deep background in the auto industry, McQuillen said.
Girsky, a banker with private equity firm Centerbridge Partners briefly worked for GM as an advisor and sits on the board of auto supplier Dana Holding Corp.
Girsky told the assembled UAW leaders in Detroit that without a federal bridge loan GM would be forced into bankruptcy.
He also said GM had discovered during its now-shelved merger talks with Chrysler LLC that its own cash was running down much faster than expected, according to the union official.
Girsky could not be immediately reached for comment.
UAW Local 2404 represents GM workers who ship parts to auto dealers in the southeast United States.
Link: http://www.reuters.com/article/americasDealsNews/idUSTRE4B75Q720081208
Like selling cars, if both sides aren't satisfied there is no deal on the table that has a prayers chance in hell for being viable!!!!!!!!!!!!!!!!!
Psychoblues
Source: Reuters
DETROIT (Reuters) - The United Auto Workers union is seeking a stake in General Motors Corp and a board seat as it offers concessions intended to allow the automaker to slash costs and clinch federal aid, a union official said.
In a posting on the UAW Local 2404 website, local president Marc McQuillen said union leadership had said rank-and-file workers would have to ratify new concessionary contract provisions for GM by March 31.
The UAW will also offer another round of buyouts in 2009 if government bailout funds are provided to GM and allowed to be used for that purpose, McQuillen said.
"In return for these actions, the UAW seeks an equity stake in the company most likely in the form of a board seat," McQuillen said.
GM, Ford Motor Co and Chrysler LLC have cut some 150,000 UAW-represented jobs over the past three years, but another round of buyouts in 2009 could allow them to cut labor costs by hiring in new workers at sharply lower wage rates.
McQuillen was one of the UAW officials who attended an emergency meeting called by the union's senior leadership last Wednesday in Detroit and his report was a summary of those closed-door meetings for his membership.
At the meeting, the union said it would allow GM and its Detroit rivals to postpone contributions to a trust fund scheduled to take over $85 billion in liabilities for retiree health care from 2010.
The union also said it would scrap a controversial provision of its contract that puts idled GM workers into a "Jobs Bank" where they collect almost full wages and benefits.
UAW local officials were briefed in Detroit by Steve Girsky, a banker with a deep background in the auto industry, McQuillen said.
Girsky, a banker with private equity firm Centerbridge Partners briefly worked for GM as an advisor and sits on the board of auto supplier Dana Holding Corp.
Girsky told the assembled UAW leaders in Detroit that without a federal bridge loan GM would be forced into bankruptcy.
He also said GM had discovered during its now-shelved merger talks with Chrysler LLC that its own cash was running down much faster than expected, according to the union official.
Girsky could not be immediately reached for comment.
UAW Local 2404 represents GM workers who ship parts to auto dealers in the southeast United States.
Link: http://www.reuters.com/article/americasDealsNews/idUSTRE4B75Q720081208
Like selling cars, if both sides aren't satisfied there is no deal on the table that has a prayers chance in hell for being viable!!!!!!!!!!!!!!!!!
Psychoblues