Word: llc
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...United Auto Workers' bargaining committees from General Motors, Ford Motor Co. and Chrysler LLC are scheduled to meet in Detroit this week, facing pressure to make additional contract concessions in order to secure federal aid for the struggling automakers...
...Until three years ago, the UAW's bargaining strategy was driven by a "no-concession" policy, though it did limit wage demands in exchange for richer pension and health-care benefits. Over the last three years, however, the union has reluctantly rewritten contracts with Ford, General Motors and Chrysler LLC, often over the strong objections of many union members...
...significant internal opposition, also represent a 5% cut in real wages because money from the automatic cost-of-living escalator that has been a feature of UAW contracts for more than half a century was diverted to cover health-care expenses, says Amy Bronson, who recently retired from Chrysler LLC and is now working on a Ph.D. at Wayne State University in Detroit. Union members also paid more for health care and gave ground on work rules, which critics claim drive up operating costs. In many plants, the work rules have been virtually eliminated, she says...
...understand how the angst is playing out, consider Tipton, Ind., population barely 5,000. In April 2007, the German manufacturer Getrag LLC announced it would build a $455 million plant about an hour's drive north of Indianapolis. The plant's sole purpose was to build energy-efficient transmissions for Chrysler. The plant would inject some 1,200 new jobs into a state whose economy is both ailing and heavily dependent on the automotive industry. Townsfolk talked of a new hotel, a new fast-food restaurant. Earlier this month, however, Getrag announced that the entity established to build the Tipton...
Both Ford Motor Co. and Chrysler LLC also have large pools of untapped cash reserved specifically to cover retiree health care under the terms of contracts signed in the fall of 2007 that were supposed to remove the retiree-health-care burden from company balance sheets. Meanwhile, new workers eventually hired to replace GM's, Ford's and Chrysler's current employees will no longer be eligible for postretirement health benefits. For the automakers, the costly transition is worth it, because it eliminates one of the major uncertainties they have faced over the years - the soaring cost of health care...