Post by marcus on Sept 30, 2010 1:53:07 GMT -5
I havent been able to find very many details on this.
Ford Says It Will Seek to Match Rivals’ UAW Deals
By Keith Naughton - Sep 29, 2010 2:00 PM ET
Email Share
Business ExchangeTwitterDeliciousDiggFacebookLinkedInNewsvinePropellerYahoo! BuzzPrint Ford Motor Co. will seek to negotiate United Auto Workers union labor rates that match those of U.S. rivals General Motors Co. and Chrysler Group LLC, Chief Financial Officer Lewis Booth said.
“On negotiations next year, we expect to stay competitive,” Booth said today at a conference in Paris. “The UAW leadership recognizes the need to keep us competitive with our domestic competitors.”
Ford workers last year rejected concessions, including a ban on some strikes until 2015, that workers at GM and Chrysler accepted in advance of their bankruptcies. The UAW also agreed with Detroit-based GM and Auburn Hills, Michigan-based Chrysler to freeze the pay of new hires for six years.
Ford workers agreed to concessions in March 2009 that included forgoing bonuses and cost-of-living raises. Ford said those givebacks cut its labor costs by $500 million a year. In November 2009, the rank and file at Ford rejected a second-round of concessions that had been endorsed by UAW leadership.
The company is ahead of plan on fixing its balance sheet and returning to an investment-grade credit rating, Chief Executive Officer Alan Mulally said today.
“We’re ahead of plan in repairing our balance sheet and getting back to investment grade,” Mulally told Bloomberg Television at a news conference on the eve of the Paris Motor Show.
Booth said regaining the investment-grade rating is a “rallying cry” for the automaker.
Ford fell 10 cents to $12.42 at 1:28 p.m. in New York Stock Exchange composite trading. The Dearborn, Michigan-based company’s shares gained 25 percent this year through yesterday.
Ford Says It Will Seek to Match Rivals’ UAW Deals
By Keith Naughton - Sep 29, 2010 2:00 PM ET
Email Share
Business ExchangeTwitterDeliciousDiggFacebookLinkedInNewsvinePropellerYahoo! BuzzPrint Ford Motor Co. will seek to negotiate United Auto Workers union labor rates that match those of U.S. rivals General Motors Co. and Chrysler Group LLC, Chief Financial Officer Lewis Booth said.
“On negotiations next year, we expect to stay competitive,” Booth said today at a conference in Paris. “The UAW leadership recognizes the need to keep us competitive with our domestic competitors.”
Ford workers last year rejected concessions, including a ban on some strikes until 2015, that workers at GM and Chrysler accepted in advance of their bankruptcies. The UAW also agreed with Detroit-based GM and Auburn Hills, Michigan-based Chrysler to freeze the pay of new hires for six years.
Ford workers agreed to concessions in March 2009 that included forgoing bonuses and cost-of-living raises. Ford said those givebacks cut its labor costs by $500 million a year. In November 2009, the rank and file at Ford rejected a second-round of concessions that had been endorsed by UAW leadership.
The company is ahead of plan on fixing its balance sheet and returning to an investment-grade credit rating, Chief Executive Officer Alan Mulally said today.
“We’re ahead of plan in repairing our balance sheet and getting back to investment grade,” Mulally told Bloomberg Television at a news conference on the eve of the Paris Motor Show.
Booth said regaining the investment-grade rating is a “rallying cry” for the automaker.
Ford fell 10 cents to $12.42 at 1:28 p.m. in New York Stock Exchange composite trading. The Dearborn, Michigan-based company’s shares gained 25 percent this year through yesterday.
!