BUSINESS
By The Washington Post | April 30, 2009
WASHINGTON -As time for a deal wound down Wednesday, the Obama administration finalized a plan to send Chrysler into bankruptcy, replace chief executive Robert Nardelli and pump billions of dollars more into the effort, all in hopes the company can emerge from court proceedings as a re-energized competitor in the global economy. The government's attempt to save the automaker amounts to another extraordinary intervention in the U.S. economy, but what would happen by Thursday's deadline for making a deal wasn't clear.
BUSINESS
By McClatchy-Tribune | March 10, 2009
DETROIT: UAW workers at Ford Motor Co. reluctantly ratified an agreement that reduces their benefits, break time and potentially weakens the fiscal soundness of a retiree health care fund in an effort to help the ailing automaker survive the global recession. The United Auto Workers said yesterday that 59 percent of production workers and 58 percent of skilled-trades workers voted in favor of the agreement during elections at locals nationwide. "Once again, UAW members have stepped up to make the difficult decisions necessary to deal with the reality of the current economy, the deteriorating auto industry as a whole and specifically the negative impact the economic climate is having on Ford Motor Co.," UAW President Ron Gettelfinger said.
BUSINESS
By Sharon Terlep and Sharon Terlep,The Detroit News | May 6, 2008
General Motors Corp.'s worst-case labor scenario came true yesterday when workers at a Kansas City, Kan., factory that builds the hot-selling Chevrolet Malibu walked off the job. GM had hoped to avoid a strike at the Fairfax Assembly plant, which is one of two U.S. factories that have been scrambling to keep up with the demand for the Malibu, arguably the automaker's most critical vehicle on the market. The United Auto Workers launched the walkout yesterday morning after a strike deadline passed with no new labor deal for the plant's 2,600 workers.
NEWS
February 25, 2008
Douglas A. Fraser, 91 United Auto Workers leader Douglas A. Fraser, who led the United Auto Workers union through dark hours in the U.S. auto industry in the 1970s and '80s, died late Saturday at Providence Hospital in Southfield, Mich., his wife, Winnie Fraser, said yesterday. She said he had emphysema and went into the hospital with breathing problems. Mr. Fraser was popular with the union's rank and file, who appreciated his candor and accessibility. "Everybody thought he was wonderful," Mrs. Fraser said.
BUSINESS
By Detroit Free Press | November 17, 2007
DETROIT -- The United Auto Workers union, traditionally a mighty force in the struggle of labor against capital, could be on the brink of a new role: the U.S. automakers' biggest stockholder. Under new four-year labor agreements with the three Detroit automakers, retiree health care costs will be shifted to independent trusts under the auspices of the union. These trusts could take control of hundreds of millions of shares of General Motors Corp. and Ford Motor Co. The fact that the UAW could virtually be holding almost one-sixth of the equity in the nation's two biggest automakers could drive profound changes in the way the union thinks and acts, experts say. "Equity as part of the [trusts]
BUSINESS
By New York Times News Service | November 2, 2007
DETROIT -- Over the last two years, the three American auto companies have vowed that their plans to slash nearly 80,000 jobs and close more than two dozen plants would be enough to transform them into leaner and nimbler competitors. But the housing bust and soaring oil prices have forced Chrysler LLC and General Motors Corp. to make another round of surprising cuts, with no guarantees that these will be the last. Yesterday, Chrysler announced it would eliminate 11,000 hourly and salaried jobs in the United States and Canada, and cut shifts of workers at five plants.