UAW May Offer Concessions to Chrysler - Ford Inside News Community
 
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post #1 of 3 (permalink) Old 06-18-2007, 11:23 AM Thread Starter
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UAW May Offer Concessions to Chrysler



DETROIT (AP) - United Auto Workers President Ron Gettelfinger said Monday that the union must offer health care concessions to Chrysler similar to those it gave Ford Motor Co. and General Motors Corp. in 2005.
"We've been talking to Chrysler quite frequently _ we do need to find a way to fix the problem there now that Chrysler is in a downward mode," Gettelfinger said in an interview on WJR-AM in Detroit. The UAW two years ago gave health care concessions to Ford and GM that saved the companies billions of dollars, but refused to grant the same deal to Chrysler because of its stronger financial condition at the time.
Combined, the U.S.-based carmakers have more than $100 billion in long-term retiree health care costs that analysts say must be reduced.
Chrysler's parent, DaimlerChrysler AG, recently announced it would sell a controlling stake of its U.S. operations to private equity firm Cerberus Capital Management LP. Analysts have said Cerberus likely will demand deeper concessions from the union than Daimler would have.
Cerberus has said it will leave the negotiations to Chrysler officials, led by Chrysler Group President Tom LaSorda.

Wtopnews.com

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post #2 of 3 (permalink) Old 06-18-2007, 01:00 PM
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Re: UAW May Offer Concessions to Chrysler

I think UAW did the right thing to make life difficult for the Germans. Now that Chrysler is American, this move makes sense.

I think they should work out a program where UAW takes over management of retirement and medicare, and there would be a one time injection of capital by all the three automakers, including Delphi, Toyota, Caterpillar etc.. and from there, this liability would move from the automakers books


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post #3 of 3 (permalink) Old 06-20-2007, 05:33 PM Thread Starter
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Re: UAW May Offer Concessions to Chrysler

UAW might just be afraid of the Fund. They are not your typical corporate nice types and can do alot of cost cutting to get their way.
Knowing Fund tactics, UAW may have finally met its match. Ford and GM might be the companies that benefit most from Chryslers Aquisation by a Hedge fund

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