>> Friday, May 29, 2009
GM has just dropped a short statement saying that “CEO Fritz Henderson will host a press conference on Monday, June 1.” The conference will be around mid-day at the GM Building, 767 Fifth Avenue, in New York.
After a whole week of GM heading towards bankruptcy news, we’re left wondering what possibly could Henderson have to tell us?
While the UAW employees have ratified the modifications to the GM-UAW 2007 National Labor Agreement, there are no bondholders lining up to show support for the struggling automaker. We will be up bright and early Monday morning preparing for all the GM news - stay tuned.
You can read GM’s statement regarding the newly ratified GM-UAW 2007 National Labor Agreement after the jump.
Newly Ratified GM-UAW 2007 National Labor Agreement Modifications Eliminate Competitive Gap for GM
DETROIT, Mich. - General Motors today confirmed that its UAW-represented employees have ratified the modifications to the GM-UAW 2007 National Labor Agreement. The amended agreement covers approximately 54,000 hourly employees located in 46 U.S. facilities.
“The leadership demonstrated by UAW president Ron Gettelfinger and UAW vice president Cal Rapson, and the hard work from the members of the GM and UAW negotiating teams, resulted in an innovative agreement that will enable GM to be fully competitive and has eliminated the gap with our competitors,” said Diana Tremblay, vice president of GM’s Labor Relations. “We very much appreciate the support of our employees and retirees. Their shared sacrifices will enable GM to become a stronger, more viable company that will continue to deliver world-class cars and trucks.”
Key highlights under the modified agreement include attainment of cost and cash savings comprehended in the GM Viability Plan that will enable the company to eliminate the wage and benefit gap with its competitors. It also includes changes to the agreements regarding the Voluntary Employee Beneficiary Association (VEBA) trust for retiree healthcare. The agreement also highlights GM’s plan to utilize an idled assembly and stamping facility for future production of a compact/small car in the United States to meet future fuel efficiency regulations.