Word: waging
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Dates: during 1980-1989
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Ford headed south partly to take advantage of Mexico's low wage rates. Though Mexican autoworkers have a reputation for sloppy production, some are paid only 56? an hour, against $12.71 for their U.S. counterparts. Ford expects to employ 3,000 workers when it starts to produce the subcompact in late 1986. American union leaders immediately called the move a threat to job security. The Ford plant will become the second-largest automobile factory in Mexico and a tonic for its sickly auto industry, which last year produced 260,000 cars, down from...
...impact of a death threat. Received on Dec. 30 and made public last week, the letter announced that Murdoch's company might buy up to 49.9% of Warner's stock. Later in the week Murdoch notified the Securities and Exchange Commission that he might wage a proxy fight to "influence the managment or acquire control of the company." At Warner's Manhattan headquarters, executives quickly donned flak jackets for a takeover battle...
...million. Smith dramatically cut costs and raised cash by closing four plants and arranging for the future sale of the GM building in New York City for at least $500 million. He has kept costs low by consolidating and modernizing operations, laying off thousands of workers and winning wage concessions from hundreds of thousands of others. As a result of those measures and a better auto market, GM expects to show record profits of perhaps $3.8 billion for 1983, on sales of 4.1 million cars. Previous high for profits: $3.5 billion in 1978, the same year that...
...Auto Workers in 1982 when he became involved in pay negotiations. After Smith repeatedly complained that workers were overpaid and cost cutting was needed to regain a competitive position, GM announced a richer bonus plan for top executives on the very day that the union signed a contract accepting wage concessions. Admitted Smith afterward: "I'd rather it hadn't happened...
...company executives who are asking for wage cuts from their employees also decreasing their own salaries...