American Axle Strike Idles Seventh GM Factory, More to Follow
The United Auto Workers (UAW) strike has already has idled six GM assembly plants. A seventh factory ceases work today: the Wentzville, Missouri plant where The General builds full-sized vans. The Detroit Free Press reports that the UAW will soon stop production at the Janesville, Wisconsin plant, halting production of Tahoes and Yukons. Barring resolution of the union's industrial action by Monday, GM will shut down the Romulus (MI) Engine, Saganaw (MI) Metal Casting, Moraine (OH) engine plant and its Toledo (OH) Transmission plant. Again, even if the UAW settles at American Axle, the downtime will cost GM tens of millions of dollars, and threatens to drive secondary suppliers to the wall. Meanwhile, GM CEO Rick Wagoner received a 33 percent raise to $2.2m p.a.
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Wagoner is probably getting the money up front. He knows something we don't.
"Wagoner is probably getting the money up front. He knows something we don’t." A year or two ago GM changed the compensation plan for Wagoner and others near that level to be less weighted in stock and more in cash. So yes, he knows what's coming. I guess the next thing we'll see are huge bonuses for him and Lutz to keep Toyota/Honda from hiring them away.
"I guess the next thing we’ll see are huge bonuses for him and Lutz to keep Toyota/Honda from hiring them away." You were making a joke?