UAW to Own 55% of Equity in a Restructured Chrysler?
UAW to Own 55% of Equity in a Restructured Chrysler?The summary was distributed Monday afternoon at a gathering of union leaders in Sterling Heights, Mich., to discuss the pact. The deal was first disclosed Sunday night.
UAW representatives voted Monday evening to recommend their members vote this week to ratify major cost-cutting changes to their current labor contract, a union official said.
Heads of UAW locals gathered at a hotel outside of Detroit on Monday afternoon to be briefed on cost reductions the union’s leadership hammered out with the auto maker over the weekend.
The contract changes, if approved, would eventually leave the union owning 55% of the stock in a restructured Chrysler.[…]