Posted on 08/18/2006 8:10:29 AM PDT by Mikey_1962
DETROIT -- Delphi Corp. said today that 6,300 hourly employees represented by the IUE-CWA union, or 83 percent of those eligible, have agreed to early retirement or a buyout.
The attrition program, financed predominantly by General Motors, continues to relieve pressure for a strike at Delphi.
Earlier this summer, the UAW said nearly 13,000 of its Delphi members had taken a buyout or early retirement, with an additional 5,000 expected to transfer eventually to GM.
Delphi is restructuring its U.S. operations under Chapter 11 bankruptcy protection. The company, spun off by GM in 1999, has asked the U.S. Bankruptcy Court in New York to end its labor agreements with about 33,000 union workers because those workers' pay is about twice what Delphi's U.S. competitors pay.
On Thursday, Aug. 17, a hearing on the petition was delayed until Sept. 18 as Delphi, GM and the unions try to negotiate new agreements.
The UAW and IUE-CWA have promised to strike Delphi if the court terminates the contracts. The IUE-CWA is the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers-Communications Workers of America.
A strike at Delphi, which supplies GM with about $14 billion in parts annually, would quickly shut down the automaker.
But the impetus for a strike is evaporating.
That is about the number the supplier will need to operate the eight plants it intends to keep open in the United States as part of its plan to emerge from bankruptcy in 2007.
Delphi plans to close or sell 21 U.S. plants and produce most of its parts outside the United States.
Delphi, of Troy, Mich., ranks No. 4 on the Automotive News list of the top 100 global suppliers, with estimated original-equipment automotive parts sales of $22.58 billion in 2005.
(Excerpt) Read more at autonews.com ...
Not really.....delphi has most of it's plants outside of the u.s. the only plants affected are us plants. now, why is that? could the rediculous cost for bolt inserters be driving it under? i would bet they are hoping for a strike (secretly, of course)
Walmart is hiring!!!~ /sarc
A judge ruled recently that it was ok for the board to give themselves millions in bonuses. If that sticks, I wouldn't say a strike is out of the question. I live in a big Delphi area, and people are a bit upset about the behavior of the executives.
I could shed more tears over this were it not for an article published earlier this year how Delphi had union "employees" reporting to a room where they sat all day long reading the paper, doing crossword puzzles, reading books, etc., at an average wage of $35/hour.
And they did this everyday, day after day for weeks. Delphi is just the latest poster child of union mentality.
Whatever happened to the internet service Delphi? Do they still exist? I think I had them as my provider way back in the mid 1990s.
GM is toast anyway if it does not cut costs. The UAW is the worst thing for business.
they have been preparing for this possibilty for almost 2 years now.......i believe they are ready for it
Umm, everyone is getting their pay cut in half, and the executives get multi-million dollar bonuses for orchestrating it. If you think that's not going to do something to morale, then you have a very large disconnect from reality.
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