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By KNIGHT RIDDER/TRIBUNE | May 9, 2006
WASHINGTON -- The fates of thousands of workers, General Motors Corp. and Michigan's economy hang in the balance today as Delphi Corp. presents its case in bankruptcy court for canceling its union contracts. Delphi, the UAW and four other unions will face off in front of U.S. Bankruptcy Judge Robert Drain at hearings scheduled for today and tomorrow. Drain isn't expected to rule on Delphi's request this week, but if he issues a ruling, he can only give a yes-or-no answer. Delphi Chairman Robert S. Miller Jr. contends that the only way for the auto-parts maker to survive is by cutting 23,000 U.S. workers, including 10,000 in Michigan, and slashing wages and benefits for however many of its 33,000 U.S. workers remain.
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BUSINESS
February 17, 2009
Delphi steering division cutting nearly 800 jobs BUENA VISTA TOWNSHIP, Mich.: Nearly 800 jobs are being eliminated at the steering division of Delphi Corp. near Saginaw, Mich. The cuts announced yesterday are hitting 425 hourly workers and 350 employees who are on salary at the Delphi complex in Buena Vista Township. They will kick in March 1. "We've anticipated this for some time," said Mike Hanley, president of United Auto Workers Local 699. Delphi has had temporary furloughs since the start of the year, he told The Saginaw News.
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BUSINESS
By BLOOMBERG NEWS | November 24, 1999
DETROIT -- Delphi Automotive Systems Corp., the world's largest auto parts maker, said yesterday that it will buy TRW Inc.'s diesel fuel-injector business for $871 million to grab a piece of Europe's fast-growing market for diesel engines.TRW acquired the unit this year in its $6.53 billion purchase of United Kingdom-based LucasVarity PLC, and the sale will help TRW pare debt. The unit had sales of $1.1 billion last year.The purchase furthers Delphi's goal of adding customers other than former parent General Motors Corp.
TRAVEL
July 13, 2008
This photo was taken in Delphi, Greece, in March. Delphi is the site of extraordinary ancient ruins where the oracles gave their wisdom and prophecies, centuries before the birth of Christ. This photo shows the natural scenic cliffs extending from the cloud cover that forms the background to the Temple of Apollo. Dana Dembrow Sykesville The Sun welcomes submissions for "My Best Shot." Photos should be accompanied by a description of when and where you took the picture and your name, address and phone number.
BUSINESS
By BLOOMBERG NEWS | November 17, 1998
DETROIT -- General Motors Corp. aims to raise as much as $1.5 billion by selling to the public 15 percent to 19 percent of its Delphi Automotive Systems parts unit, which wants independence to boost business with customers outside GM.The world's biggest automaker filed documents with the Securities and Exchange Commission yesterday that detail Delphi's strategy, balance sheet and future relationship with GM. Delphi, with sales of $31.4 billion, already is...
BUSINESS
By BLOOMBERG NEWS | September 19, 1997
TROY, Mich. -- General Motors Corp.'s Delphi parts subsidiary plans to sell seating, coil spring and lighting businesses employing 11,300 people, or about 6 percent of its work force, to focus on more profitable products and spruce itself up for a public stock offering.The businesses, which have plants in North America, Europe and South Africa, generated $2 billion in sales last year. Delphi, with $26 billion in annual sales and 178,000 employees, is the world's largest auto-parts maker.Analysts had expected Delphi to shed its lackluster product lines as it prepares for an initial public offering, expected as early as next year, and as it shifts its focus from individual parts to the more comprehensive component systems increasingly demanded by GM and other automakers.
BUSINESS
By BLOOMBERG NEWS | January 1, 2005
WILMINGTON, Del. - Delphi Financial Group Inc., a workers compensation and group life insurer, suspended two employees who worked with Marsh & McLennan Cos., the insurance broker accused of taking kickbacks and fabricating bids. An internal review at Delphi's Safety National unit found "quotation practices that did not meet our standards," Bernard Kilkelly, a spokesman for the insurer, said yesterday. The company found inappropriate conduct in a "handful" of policies with premiums averaging $50,000, he said, declining to identify the employees.
BUSINESS
By THE DETROIT NEWS | June 6, 2006
WASHINGTON -- The Securities and Exchange Commission has sent target letters to at least seven former Delphi Corp. senior officials, a sign that its wide-ranging investigation into accounting fraud at the auto supplier is gaining steam. Two lawyers familiar with the nearly two-year-old investigation told The Detroit News that the letters -- known as "Wells notices" -- had been sent to those under scrutiny. A Wells notice notifies a prospective defendant of the substance of the civil charges that SEC investigators plan to recommend to the commission.
BUSINESS
By DETROIT FREE PRESS | November 18, 2005
DETROIT - If Delphi Corp.'s unionized workers go on strike, General Motors Corp.'s plants start slowing down in 48 hours and one of the automaker's biggest assets, its stockpile of cash, could rapidly dwindle, industry experts say. Industry observer David Cole, chairman of the Center for Automotive Research in Ann Arbor, Mich., said GM plants, which use Delphi components on all of their vehicles, would be disrupted within two days of a strike by unions representing the nation's largest auto-parts supplier.
BUSINESS
By DETROIT FREE PRESS | March 18, 2006
DETROIT -- General Motors Corp., Delphi Corp. and the United Auto Workers are close to an agreement on a major job-cutting plan to offer retirement packages to thousands of blue-collar workers, a pact that would help the struggling automaker avert a crippling strike at the auto parts supplier, sources familiar with the talks said yesterday. GM and the UAW are expected to announce details of the package as early as today. It could spur one of the largest exoduses of people from the automaker in its history.
BUSINESS
April 5, 2008
General Motors GM fell $1.01, or 4.7 percent, to $20.58, after a private equity group said it ended its agreement to invest $2.55 billion in GM's largest auto parts supplier, Delphi Corp., which has been trying to emerge from bankruptcy.
BUSINESS
By Katie Merx and Katie Merx,Detroit Free Press | March 28, 2007
DETROIT -- United Auto Workers members harbor widespread concern about a two-tier pay and benefits plan that they believe may come out of this year's contract negotiations with Detroit automakers. The plan essentially creates a situation in which new hires never catch up to the wages and benefits of current Detroit autoworkers. "We're worried about the second-tier people," said Daniel Gibson, 41, a Delphi Corp. worker from Athens, Ala., who is in Detroit this week for the 2007 UAW Special Convention.
BUSINESS
By Jim Mateja and Jim Mateja,Chicago Tribune | October 26, 2006
General Motors Corp.'s recovery moved another step forward yesterday as it posted a loss of $115 million, or 20 cents a share, in the third quarter, a huge improvement from the loss of $1.7 billion, or $2.94 a share, a year earlier. Excluding charges related to its recovery plan, GM earned $529 million, or 93 cents a share, almost double the 49 cents a share forecast. It marked the second straight quarter in which charges translated gains into losses for the No. 1 automaker. "Our turnaround efforts are well under way, reflect significant progress and are having a large impact on the bottom line as evidenced by a $1.6 billion improvement for the quarter," said GM Chairman G. Richard Wagoner Jr. Fritz Henderson, GM's vice chairman and chief financial officer, wouldn't venture a guess on when GM expects to post a profit clear of charges.
BUSINESS
By JOHN O'DELL and JOHN O'DELL,LOS ANGELES TIMES | June 27, 2006
In the largest employee buyout in U.S. corporate history, General Motors Corp. said yesterday that nearly a third of its 113,000 manufacturing workers in the United States have agreed to quit or retire this year in return for cash payments of as much as $140,000. The program will cost GM nearly $4 billion, but it is expected to save money in the long run by reducing the automaker's health care and pension costs as it struggles to reverse huge losses and adjust to its diminished share of the U.S. auto market.
BUSINESS
By STEPHEN FRANKLIN and STEPHEN FRANKLIN,CHICAGO TRIBUNE | June 13, 2006
LAS VEGAS -- In his soft, southern Indiana drawl, Ron Gettelfinger stared out yesterday at the vast convention floor and talked about the idea that the United Auto Workers union's epitaph has already been written. "They think we've run out of gas intellectually and emotionally, that we've lost our will and our nerve," the UAW president went on. "Some even question our solidarity." Then with his voice rising and a clenched fist hammering on the lectern, Gettelfinger delivered a line that brought the union convention's more than 1,300 delegates to their feet and cheering loudly.
BUSINESS
By THE DETROIT NEWS | June 6, 2006
WASHINGTON -- The Securities and Exchange Commission has sent target letters to at least seven former Delphi Corp. senior officials, a sign that its wide-ranging investigation into accounting fraud at the auto supplier is gaining steam. Two lawyers familiar with the nearly two-year-old investigation told The Detroit News that the letters -- known as "Wells notices" -- had been sent to those under scrutiny. A Wells notice notifies a prospective defendant of the substance of the civil charges that SEC investigators plan to recommend to the commission.
BUSINESS
By BLOOMBERG NEWS | May 29, 1999
DETROIT -- General Motors Corp., the world's largest automaker, completed its separation from No. 1 auto-parts maker Delphi Automotive Systems Corp. yesterday with the distribution of $9.3 billion in Delphi shares.GM, which handed its investors an 80.1 percent stake in Delphi and gave another 2.2 percent to a pension trust, now owns no Delphi shares. GM rose 50 cents to $69 on the New York Stock Exchange after being adjusted for the distribution, which was valued at $14.33 per GM share. Delphi slipped 87.5 cents to $19.625.
BUSINESS
By RICK POPELY and RICK POPELY,CHICAGO TRIBUNE | October 8, 2005
CHICAGO -- Delphi Corp. edged closer to bankruptcy yesterday as neither the United Auto Workers union nor General Motors Corp. appeared willing to bail out the struggling parts supplier, which is seeking drastic cuts in pay and benefits from workers. Reports circulated on Wall Street that a bankruptcy filing could come as early as today. Delphi would not comment, but the reports sent the company's shares down 49 percent yesterday to a new low of $1.12 in New York Stock Exchange trading.
BUSINESS
By DETROIT FREE PRESS | May 17, 2006
DETROIT -- Twenty-one locals of the United Auto Workers union voted overwhelmingly to authorize a strike should Delphi Corp. unilaterally impose changes to its labor agreements. More than 95 percent of the votes cast authorized the UAW to call a strike. The union's vote is a response to the auto supplier's request in court last week to nullify labor contracts and eliminate retiree medical and life insurance benefits. The approval was expected, but does not mean a strike is certain. Both sides are awaiting U.S. Bankruptcy Judge Robert Drain's decision, which is not expected until June, at the earliest.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | May 9, 2006
WASHINGTON -- The fates of thousands of workers, General Motors Corp. and Michigan's economy hang in the balance today as Delphi Corp. presents its case in bankruptcy court for canceling its union contracts. Delphi, the UAW and four other unions will face off in front of U.S. Bankruptcy Judge Robert Drain at hearings scheduled for today and tomorrow. Drain isn't expected to rule on Delphi's request this week, but if he issues a ruling, he can only give a yes-or-no answer. Delphi Chairman Robert S. Miller Jr. contends that the only way for the auto-parts maker to survive is by cutting 23,000 U.S. workers, including 10,000 in Michigan, and slashing wages and benefits for however many of its 33,000 U.S. workers remain.
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