General Motors
General Motors Corporation is the World’s largest automaker for 77 years with the employees of 266,000 people around the world. The company manufacturers cars and trucks in 35 countries and during 2007 at about 9.37 million cars and trucks were sold globally under various brands. The General Motors denoted with the symbol of GM under New York Stock Exchange. The current stock rate of GM is $4.59 whereas the maximum price traded is $29.95 during the year.
The General Motors named as “100 Best companies for Working Mothers” by the Working Mothers magazine for 2004. The GM also created a Joint venture with United Auto Workers to provide the quality life needs to the employees. The UAW-GM center is dedicated to provide programs and services like medical care, diversity issues, education, training, tuition assistance etc. The GM is traditional union-employer and seeks health and safety partnership.
STRIKES IN GM (UNIONS, LEADERSHIPS)
In order to avoid last minute tension with the major parts supplier, Delphi the General Motors planned to reduce the employees. During 2006 the General Motors decided to reduce 35,000 employees in the companies of its own and subsidiary i.e. Delphi who is major parts supplier. The company designed a plan offering cash incentives of up to $35,000 to take retirement. During 2008, GM accounted loss of $39 billion and it the biggest loss. Near about 73,000 are workers are under the United Auto Workers who are working at 70 GM plants. GM offered to all its United Auto workers i.e. UAW members. The workers planned to strike after completion of four-year contract, which was due on September 14, 2007. So it is the not first time the crisis to GM. It is long pending process. However, there was no strike in GM since 1998.
SHUTDOWN OF PLANTS
After failing negotiations with the American Axle and Manufacturing Holdings Inc. United Auto Workers in New York and Michigan went on strike on February 26 2008 American Axle & Manufacturing Holdings Inc, Magna International Inc. Lear Corp. and Delphi Corp who are the major suppliers as have strong links with GM. The strike involved with around 3,600 workers of the American Axle. It comprises five American Axle plants in Michigan and New York. The GM holds 80 percent of America Axle’s business. It means the GM is main holder of America Axle’s business. The strike began in five GM plants. The work disturbed and simultaneously plants such as truck assembly plant at southwest Allen County and Mishawaka stopped their production. Due to shut downs, the general motors estimated 17,000 hourly workers would be affected. Besides, the closure of the plants effects on automotive related businesses too. Such closure of plants effect on GM sales for at least next couple of months. Toledo Transmission plant also scheduled to close.
Processing your request, Please wait....
