January 24, 200718 yr Author From the 12/18/06 Dayton Business Journal: Delphi to get $3.4B in financing Dayton Business Journal - December 18, 2006 Delphi Corp. has accepted an $3.4 billion offer from a private equity group to help get the auto parts maker out of bankruptcy. The private equity group -- led by Appaloosa Capital Management and Cerberus Capital Management -- says it will pay a maximum $3.4 billion for preferred and common stock. The investment, also funded by Harbinger Capital Partners Master Fund I, Merrill Lynch & Co. and UBS Securities LLC, will help Delphi fund its pension plan for hourly and salaried workers as well as other pieces of its reorganization plan. ... E-mail [email protected]. Call 222-6900. http://dayton.bizjournals.com/dayton/stories/2006/12/18/daily5.html?surround=lfn
January 25, 200718 yr Author From the 12/20/06 Youngstown Vindicator: GM plant's future up in air The union says the car plant has been called 'very vulnerable' to closure. By DON SHILLING VINDICATOR BUSINESS EDITOR LORDSTOWN — General Motors Corp. once again is considering shutting down its Lordstown complex. Union officials are being asked to make major contract changes if they want GM to commit to the plant beyond midyear 2009. They have been traveling to Detroit over the past month to meet with senior United Auto Workers officials about what can be done to save the plant. ... [email protected] http://www.vindy.com/content/local_regional/344268239837907.php
January 25, 200718 yr Author From the 12/22/06 DDN: Second suitor offers new plan for Delphi Dallas-based firm says it would pump $4.7 billion into the bankrupt auto parts manufacturer. By John Nolan Staff Writer Friday, December 22, 2006 Highland Capital Management, a Dallas-based private equity firm, made an attempt on Thursday to outbid a refinancing plan that Delphi said it had accepted Monday in its effort to emerge from bankruptcy reorganization by mid-2007. Highland's offer would pump up to $4.7 billion into the auto parts maker. Highland said its plan would be fairer to current shareholders, by improving their opportunities to buy stock in Delphi after it is reorganized, and to debt holders, by allowing them to collect the face value of their claims plus accrued interest. Bondholders would have the options of continuing to hold their bonds, Highland said. Delphi said Monday it had accepted a proposal by Cerberus Capital Management, Appaloosa Management, Harbinger Capital Partners Master Fund I, Merrill Lynch and UBS Securities, to invest between $1.4 billion and $3.4 billion in Delphi. That would be in exchange for common and preferred stock in the reorganized Delphi, to be issued in the first half of 2007. Cerberus and Appaloosa would be the largest investors under the plan. ... Contact this reporter at (937) 225-2242 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2006/12/21/ddn122206delphi.html
January 25, 200718 yr Author From the AP, 12/30/06: Bankrupt Delphi posts $226 million loss for November Associated Press Saturday, December 30, 2006 NEW YORK — Bankrupt auto parts maker Delphi Corp. said Friday its loss in November widened to $226 million from $54 million in October. The Troy, Mich., company made the disclosure as part of an unaudited monthly operating report it is required to file with the U.S. Bankruptcy Court for the Southern District of New York. Delphi had $1.33 billion in revenue in November, with $752 million, or 55 percent, coming from General Motors Corp., the country's largest carmaker that also was Delphi's parent until a 1999 spinoff. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2006/12/30/ddn123006delphi.html
January 25, 200718 yr Author From the 1/7/07 Youngstown Vindicator: Expert upbeat on car for area Fab-plant jobs could be reduced to get the new product, an auto analyst says. By DON SHILLING VINDICATOR BUSINESS EDITOR DETROIT — The Lordstown car plant probably will lose the Chevrolet Cobalt but stands a fighting chance to gain a new Saturn car, an industry observer said. Sean McAlinden, chief economist for the Center for Automotive Research in Ann Arbor, Mich., said he expects General Motors Corp. to move production of the Cobalt to Mexico eventually to save on labor costs. The Saturn Astra, another compact car, could land in Lordstown, however, he said. McAlinden spoke about Lordstown and the industry in general Saturday in Detroit at a seminar on the automotive industry. ... [email protected] http://www.vindy.com/content/local_regional/360875294115226.php
January 25, 200718 yr Author From the AP, 1/9/07: Delphi asks judge to quash subpoenas Creditors want two board members to appear in bankruptcy court to explain why they OK'd investor plan. By Vinnee Tong Associated Press Tuesday, January 09, 2007 NEW YORK — Lawyers for auto parts maker Delphi have asked a judge to quash subpoenas from certain creditors and shareholders that would require two board members to appear Thursday at a bankruptcy court hearing in New York. Troy, Mich.-based Delphi on Thursday will seek the judge's approval of a plan by private equity and institutional investors to buy shares worth as much as $3.4 billion in a reorganized Delphi. The official committee of unsecured creditors, the official committee of equity security holders and an ad hoc trade committee issued subpoenas to demand the appearance of the company's executive chairman, Robert Miller, and its lead independent director, John Opie. The committees seek to cross-examine the two directors about why the board voted in favor of a plan to sell an equity stake to five investors. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2007/01/09/ddn010907delphi.html
January 25, 200718 yr Author From the 1/10/07 Warren Tribune Chronicle: GM, Delphi futures bright By LARRY RINGLER Tribune Chronicle DETROIT — Auto analysts sounded optimistic Tuesday for the futures of General Motors Corp. Lordstown Complex and Warren-based Delphi Packard Electric, even as the global auto industry goes through dramatic changes. ‘‘It’s off that platform. It’d be a natural” to produce the expected American-built Chevrolet Astra at the Lordstown Complex, said Michael Robinet, vice president of global forecasting services for auto industry research firm CSM Worldwide Inc., at an automotive analyst conference. But the complex and the car itself won’t enjoy a smooth ride. Robinet and other analysts speaking at the Society of Automotive Analysts 19th annual Automotive Outlook Conference said the Astra, which like the Chevrolet Cobalts Lordstown now makes is considered a C-segment car, will face pressure from cars below it in the B-segment. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=13266
January 25, 200718 yr Author From the AP, 1/11/07: Delphi seeking approval of $3.4B investment plan By Vinnee Tong Associated Press Thursday, January 11, 2007 NEW YORK — Delphi board members decided Wednesday to move forward in seeking the approval of a federal bankruptcy judge to allow five private equity and institutional investors to buy shares worth as much as $3.4 billion in the company upon its reorganization. Directors of the Troy, Mich-based auto parts maker essentially rejected an unsolicited $4.7 billion bid made by a rival investor. Judge Robert Drain was scheduled to consider the plan and objections in a hearing today. The plan is a crucial part of an overall transformation sought by the company as it attempts to exit bankruptcy in the first half of this year. Objectors say it transfers a disproportionate amount of the company's value to the investors at the expense of other stakeholders in the case. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2007/01/10/ddn011107delphi.html
January 25, 200718 yr Author From the 1/12/07 Warren Tribune Chronicle: Labor talks move to forefront after judge OKs Delphi sale By LARRY RINGLER Tribune Chronicle NEW YORK — The house has been framed and the table set for serious labor talks after a bankruptcy judge Friday approved private investors’ offer to buy auto parts maker Delphi Corp., including its Warren based Delphi Packard Electric division. Judge Robert Drain’s OK of an up-to $3.4 billion purchase plan — something he called a “waterched event” — is expected to give the company the figurative hammer and nails to start building a house big enough for everyone, including workers and retirees. In addition, Delphi indefinitely suspended its dreaded Sections 1113 and 1114 motions to reject its labor contracts and modify retiree health care, respectively. The suspension was expected to last at least through Jan. 31, and possibly as late as Feb. 28, to give the company and unions a chance to reach agreement. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=13387 From the 1/12/07 DDN: Delphi to sell key operation at Home Ave. plant Engine and suspension mounts business employs about 450 area workers. By John Nolan Staff Writer Friday, January 12, 2007 DAYTON — An investment banker has been hired to help sell a key business at Delphi Corp.'s Home Avenue plant. W.Y. Campbell & Co., a Detroit firm that helps companies sell operations, will explore opportunities to sell the engine and suspension mounts business, Delphi said Thursday. That business employs about 100 salaried employees and 350 hourly workers in Dayton, Delphi spokesman Brad Jackson said. United Steelworkers union Local 87L represents those hourly employees. The business also includes manufacturing and assembly plants in Portugal, India, Canada and Mexico, with a global total of more than 700 employees. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2007/01/12/ddn011207delphi.html From the 1/12/07 Warren Tribune Chronicle: One-time Delphi workers get job tips By RAYMOND L. SMITH Tribune Chronicle WARREN — Forty-three former Delphi Packard Electric employees sat at long white tables Thursday morning, listening to speakers who talked about them starting to get their working lives back together. These members of International Union of Electrical Workers/Communication Workers of America Local 717 were the first to attend twice-a-day meetings taking place over the course of 12 days. The team told the former workers what they need to do to become eligible for Ohio’s Workforce Investment Act benefits. ‘‘Our goal is to let these former Delphi employees know what benefits are available to them,’’ said Frank Flaminio, a supervisor at the Trumbull County One Stop. ‘‘Once they are in the system, we will let them know what kind of training or education benefits are available to them.’’ ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=13373
January 25, 200718 yr Author From the 1/13/07 Warren Tribune Chronicle: Delphi sale approved By LARRY RINGLER Tribune Chronicle NEW YORK — The house has been framed and the table set for serious labor talks after a bankruptcy judge Friday approved private investors’ offer to buy auto parts maker Delphi Corp., including its Warren-based Delphi Packard Electric division. Judge Robert Drain’s OK of an up to $3.4 billion purchase plan — something he and others called a ‘‘watershed event’’ — is expected to give the company the figurative hammer and nails to start building a house big enough for everyone, including workers and retirees. In addition, Delphi indefinitely suspended its dreaded Sections 1113 and 1114 motions to reject its labor contracts and modify retiree health care, respectively. The suspension is expected to last at least through Jan. 31, and possibly as late as Feb. 28, to give the company and unions a chance to reach agreement. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2007/01/12/ddn011307gm.html
January 25, 200718 yr Author From the 1/14/07 Warren Tribune Chronicle: Local union head seeks info on plan By LARRY RINGLER Tribune Chronicle WARREN — Reaching a labor contract with Delphi Corp. by Feb. 28 probably is more reasonable than Jan. 31 — but even that timetable is full of question marks, the chief bargainer for Warren-based Delphi Packard Electric workers said Saturday. ‘‘We’re on standby. We’re waiting for the International’s take on the court proceedings,’’ said Mike O’Donnell, shop chairman for International Union of Electrical Workers-Communications Workers of America Local 717. O’Donnell, who was elected to his post late last year, referred to a bankruptcy court ruling Friday that approved an upto $3.4 billion investment plan by a group of hedge funds to bring the auto parts maker out of Chapter 11 bankruptcy. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=13446
January 25, 200718 yr Author From Bloomberg, 1/19/07: General Motors weighs Goodyear example Akron tire maker unloads huge bill in labor deal with health-care fund. Automaker's cost situation worse By John Lippert and Jeff Green Bloomberg News Service General Motors Corp. might copy a labor contract between Goodyear Tire & Rubber Co. and its largest union in an attempt to shed billions of dollars in retiree health-care obligations. As part of last month's deal to end a three-month strike, Goodyear transferred its health-care liability for current and future union retirees to an independent trust fund. GM Chief Executive Officer Rick Wagoner said the Detroit automaker is studying Goodyear's contract with the United Steelworkers of America. ... http://www.ohio.com/mld/ohio/business/16496546.htm?source=rss&channel=ohio_business From the 1/19/07 Warren Tribune Chronicle: Workers at QIS vote to join UAW By LARRY RINGLER Tribune Chronicle LORDSTOWN — Workers at a Delphi Packard Electric supplier voted Thursday to organize with the United Auto Workers, a union official said. Of 60 workers at Quality Industrial Services eligible to vote, 65 percent voted to join the UAW, said Jim Graham, president of UAW Local 1112 at the nearby General Motors Lordstown Complex. The company has about 100 workers, but the others weren’t eligible to vote, he said. Graham said workers will be assigned to a UAW local, possibly Local 1112, once they get a labor contract. ... http://tribune-chronicle.com/articles.asp?articleID=13592
January 25, 200718 yr Author From the 1/20/07 Warren Tribune Chronicle: Delphi negotiations depend on GM deal By LARRY RINGLER Tribune Chronicle WARREN — Full-scale negotiations between the union representing local Delphi Corp. workers and management may not get under way until Delphi comes to terms with General Motors Corp., a top union bargainer said Friday. ‘‘I think GM will be a big trigger,’’ said Willie Thorpe, chairman of the International Union of Electrical Workers-Communications Workers of America Automotive Conference Board. ‘‘If GM moves on commitments that all unions have to have, that’ll take care of a lot of situations and things will go forward.’’ Thorpe said ‘‘a big item’’ in talks is GM’s guarantee of pensions and benefits for workers who retired from Delphi after GM spun off Delphi in 1999. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=13629
February 6, 200718 yr Ford may spend $235M here BY MIKE BOYER | CINCINNATI ENQUIRER February 5, 2007 CINCINNATI - Struggling Ford Motor Co. is considering a $235 million investment at its Sharonville transmission plant for a new truck transmission, which wouldn’t mean new jobs but would help retain the more than 1,400 positions now at the plant. Hamilton County commissioners learned at their staff meeting today that the automaker is considering the investment at either the sprawling Sharonville plant or another facility in Mexico... http://news.cincinnati.com/apps/pbcs.dll/frontpage
February 6, 200718 yr Ford tinkers with tranny It could save jobs at Sharonville plant BY MIKE BOYER | [email protected] Struggling Ford Motor Co. is considering a $235 million investment at its Sharonville transmission plant for a new truck transmission, which wouldn't mean new jobs but would help retain the more than 1,400 positions now at the plant. Hamilton County commissioners learned at their Monday staff meeting that the automaker is considering the investment at either the sprawling Sharonville plant or a facility in Mexico. "Our understanding is that the company expects to act fairly quickly,'' said Harry Blanton, vice president of Hamilton County Economic Development Co. "Their board of directors was expected to take up the issue at a meeting on Wednesday, although it wasn't clear they would make a decision then,'' he said... --Mike Boyer[/color] http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070206/BIZ01/702060351
March 9, 200718 yr Ford to invest $200 mln in Sharonville, Ohio plant Guess this makes it official - in any event good news for Cincy area. Last Update: 3:52 PM ET Mar 9, 2007 SAN FRANCISCO (MarketWatch) Ford Motor Company said Friday it is investing $200 million in its Sharonville, Ohio, transmission plant. The investment will be used to retool the plant for flexible manufacturing and advanced powertrain production, the automaker said. Ford added that the investment is supported by a "significant" incentive package from the state of Ohio, Hamilton County and the city of Sharonville. Ford shares fell 3 cents to $4.24 in Friday afternoon trade. http://www.marketwatch.com/news/story/ford-invest-200-mln-sharonville/story.aspx?guid=%7B5731345D%2DE491%2D4402%2D9D46%2D48B271988B32%7D
March 10, 200718 yr Ford invests in Sharonville New 6-speed transmission to be built here after $1.5 million in government incentives BY MIKE BOYER | [email protected] Ford Motor Co., which will close its Batavia transmission plant next year, on Friday announced a $200 million investment in its Sharonville transmission plant, retaining 1,400 jobs. "This is wonderful news and a great way to start the weekend," said Hamilton County Commissioner Todd Portune. He said the Sharonville plant had been vying with another Ford facility in Mexico for the new investment. To win the investment, the county has agreed to provide $500,000 in enterprise zone and economic development grants as part of a package of $1.5 million in incentives from the state, county and city of Sharonville... http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070310/BIZ01/703100424/1076/BIZ
April 12, 200718 yr Author From the 1/27/07 Youngstown Vindicator: Labor contract will be the key in GM's decision on Lordstown The union is eager to bargain a new contract to help save Lordstown. By DON SHILLING VINDICATOR BUSINESS EDITOR LORDSTOWN — General Motors should decide this year whether to close its Lordstown complex or revamp it for a new vehicle, the complex manager said. John Donahoe said such decisions normally are made two years in advance and GM has scheduled production of the Chevrolet Cobalt in Lordstown only through summer 2009. Key to GM's decision will be a new local labor contract that will be negotiated this year, said Donahoe and union officials who met with reporters Friday. ... [email protected] http://www.vindy.com/content/local_regional/295358572412079.php
April 12, 200718 yr Author From the 1/29/07 DDN: Bankrupt Delphi faces deadline with unions, GM By Thomas Gnau Staff Writer Monday, January 29, 2007 A Wednesday deadline for bankrupt Delphi Corp. to craft cost-cutting pacts with its unions and former parent General Motors Corp. is looming. Willie Thorpe, the Moraine-based chairman of the International Union of Electrical Workers-Communication Workers of America Automotive Conference Board, said Monday afternoon he was on his way to Detroit for talks there Tuesday. Even though Bloomberg News reported on its Web site that one possible Delphi investor, Cerberus Capital Management LP, might step back from a planned investment in a reorganized Delphi, Thorpe said talks were on. ... Contact this reporter at (937) 225-2390 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/local/2007/01/29/ddn012907delphiweb.html
April 12, 200718 yr Author From the 1/30/07 DDN: Delphi to sell brake hose business for $9.8 million By Dayton Daily News Tuesday, January 30, 2007 Delphi Corp. said Monday it would sell its brake hose business to Harco Manufacturing Group, which includes an Englewood manufacturer, for $9.8 million. The deal includes machinery and equipment, intellectual property and links to certain customers, Delphi said. It does not include plants, real estate or the transfer of Delphi workers to Harco, it said. Delphi, which is in Chapter 11 bankruptcy reorganization, plans to leave some business lines and cut thousands of jobs. The company, with five Dayton-area plants, said the sale requires approval from the U.S. Bankruptcy Court and waiver of no-sale clauses by the United Steelworkers union. http://www.daytondailynews.com/n/content/oh/story/news/business/2007/01/30/ddn013007delphihose.html
April 12, 200718 yr Author From the 1/31/07 DDN: Sources say Delphi, union talks will be extended By Thomas Gnau Staff Writer Wednesday, January 31, 2007 Talks between bankrupt Delphi Corp., its unions and former owner General Motors Corp. will likely go on through February, local sources said today. Today is the deadline potential investors in Delphi have set for the troubled auto parts producer to reach cost-cutting agreements with unions and GM, Delphi's largest customer. A group of investors has proposed putting up to $3.4 billion into a restructured Delphi. "I think they will all continue to talk until either the court or the corporation does something to violate the negotiated agreement," said Joe Buckley, president of United Auto Workers Local 696. Buckley's unit represents about 800 Delphi workers at the company's Needmore Road plant. ... Contact this reporter at (937) 225-2390 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2007/01/31/ddn013107delphiweb.html
April 12, 200718 yr Author From the 2/5/07 DDN: Buyers kick tires of two Delphi plants Forrer Boulevard and Home Avenue plants have attracted interest, but a spokesman wouldn't give names. By Thomas Gnau Staff Writer Monday, February 05, 2007 KETTERING — Several of Delphi Corp.'s troubled operations have drawn the interest of possible new owners, the company said. That includes Delphi's Forrer Boulevard plant, which, with three other Dayton-area plants, is part of the company's Automotive Holding Group. "I can confirm that talks are under way," said Delphi spokesman Lindsey Williams. ... Contact this reporter at (937) 225-2390 or [email protected] http://www.daytondailynews.com/n/content/oh/story/news/local/2007/02/05/ddn020507laborfront.html
April 12, 200718 yr Author From the 2/6/07 DDN: General Motors to end production of Buick Rainier The midsize SUV is made only at the Stroop Road plant; company says move won't affect work force. By Thomas Gnau Staff Writer Tuesday, February 06, 2007 MORAINE — General Motors is ending production of the Buick Rainier, which is made only at GM's truck assembly plant on West Stroop Road. The change will not result in layoffs or otherwise impact the plant, Karen Johnson, a plant spokeswoman, said Monday. "The corporation still feels very positively about the work force here in Moraine," Johnson said. "This is strictly a marketing decision." ... Contact this reporter at (937) 225-2390 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2007/02/05/ddn020607rainier.html From the 2/6/07 Youngstown Vindicator: Is an Astra in Lordstown's future? The Valley's auto plant would need fewer workers if it builds only the Saturn Astra. By DON SHILLING VINDICATOR BUSINESS EDITOR The Lordstown car plant has a good chance of landing the Saturn Astra, analysts say. General Motors Corp. is calling the Astra a sporty performance car as it prepares to unveil it to the U.S. market at the Chicago Auto Show today. Analysts expect GM to move production from Belgium to North America because of high labor rates in Europe and shipping costs, but Brian Brockman, a Saturn spokesman, said no decision has been made. Sean McAlinden, vice president of research at the Center for Automotive Research in Ann Arbor, Mich., said Lordstown is likely to be awarded the Astra, but only if GM's board of directors decides to continue making small cars in the U.S. ... [email protected] http://www.vindy.com/content/local_regional/300020850316099.php
April 12, 200718 yr Author From the 2/7/07 Youngstown Vindicator: Slow Cobalt sales put brakes on OT Lower sales are tied to the Cobalt's age, less marketing and fewer rental units. By DON SHILLING VINDICATOR BUSINESS EDITOR LORDSTOWN — Slow sales of the Chevrolet Cobalt have ended the regularly scheduled overtime at the Lordstown car plant, starting today, General Motors said. Workers at the GM plant will put in eight hours a day, instead of the nine-hour shifts they have been putting in since August. Also, extra shifts on Saturdays have been stopped. Production on two Saturdays a month had been scheduled recently. ... [email protected] http://www.vindy.com/content/local_regional/300488521119435.php
April 12, 200718 yr Author From the 2/10/07 DDN: Talks between union, Delphi due to start Tuesday in Detroit By Thomas Gnau Staff Writer Saturday, February 10, 2007 Crucial talks between Delphi and the International Union of Electronic Workers-Communication Workers of America are on track to start next week. The talks seek to protect a proposed $3.4 billion investment in a restructured Delphi. The Troy, Mich. auto parts maker is going through the Chapter 11 bankruptcy process. Of Delphi's five Dayton-area plants, four are slated for likely selling or closure. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2007/02/09/ddn021007union.html
April 12, 200718 yr Author From the 2/13/07 Dayton Business Journal: Delphi posts $2B loss in 3Q Dayton Business Journal - February 13, 2007 Bankrupt auto parts maker Delphi Corp. said Tuesday it lost $2 billion in the third quarter on declining sales. The $2 billion, or $3.51 per share, loss was wider than the $788 million, or $1.40 per share, loss in the third quarter of 2005. The third quarter ended Sept. 30. The loss includes $1 billion related to Delphi's employee attrition program. ... E-mail [email protected]. Call 222-6900. http://www.bizjournals.com/dayton/stories/2007/02/12/daily9.html?from_rss=1
April 12, 200718 yr Author From the 2/14/07 Youngstown Vindicator: Union discussions delay contract talks The auto parts supplier lost $2 billion in the third quarter. STAFF/WIRE REPORTS DETROIT — The start of contract talks between Delphi Corp. and the union that represents its Mahoning Valley workers was delayed Tuesday. Union leaders held internal discussions instead of meeting with the company, said Mike O'Donnell, president of Warren-based Local 717 of the International Union of Electrical Workers. O'Donnell, who is on the IUE's national bargaining committee, said the committee is waiting to see if the United Auto Workers can reach a deal with Delphi. The UAW is Delphi's largest union and usually leads negotiations. ... http://www.vindy.com/content/local_regional/303755566431614.php
April 12, 200718 yr Author From the 2/17/07 Youngstown Vindicator: Contract talks set to begin Jim Kaster, president of UAW Local 1714, is leaving for a job in Columbus. By DON SHILLING VINDICATOR BUSINESS EDITOR Contract talks begin Monday to try to save the Lordstown car plant — again. Union officials understand they are competing with other plants within General Motors Corp., said Jim Kaster, president of United Auto Workers Local 1714. "We know exactly what it takes to get a product. We did it before, and we'll do it again," said Kaster, who represents 1,100 workers at the fabricating plant. ... [email protected] http://www.vindy.com/content/local_regional/288223849484230.php
April 12, 200718 yr Author From the 2/21/07 Dispatch: New hope for local Delphi workers N.Y. company has eye on auto supplier Wednesday, February 21, 2007 Paul Wilson THE COLUMBUS DISPATCH Delphi Corp.?s Columbus plant could have a new owner in the coming months. Bankrupt Delphi said late yesterday that it has signed a nonbinding agreement with Renco Group for the sale of the company?s $1.3 billion automobile interiors and closures business, which includes Delphi?s Georgesville Road plant. Renco is a New York industrial-investment company controlled by billionaire Ira Rennert. It also owns militaryvehicle maker AM General. ... [email protected] http://www.dispatch.com/dispatch/contentbe/dispatch/2007/02/21/20070221-A1-02.html
April 12, 200718 yr Author From the 2/25/07 Youngstown Vindicator: GM plans to sell 170 acres near Lordstown complex The automaker owns 500 acres at and near the Valley plant. LORDSTOWN — General Motors Corp. is attempting to sell about 170 acres near its Lordstown complex. Tom Mock, a plant spokesman, said the potential sale has no bearing on GM's commitment to the complex. "GM has never used the land and doesn't plan to use it. It's just a business decision," he said. ... http://www.vindy.com/content/local_regional/308890204975286.php
April 12, 200718 yr Author Both from the 2/27/07 Youngstown Vindicator: Delphi seeks deeper pay cuts The company said it can't win business by paying workers $16.50 an hour. By DON SHILLING VINDICATOR BUSINESS EDITOR Delphi Corp. has proposed an even bigger pay cut for its workers, a union official said. Delphi negotiators said the company can't win new business by paying production workers $16.50 an hour, as it proposed last March, said Mike O'Donnell, shop chairman for Local 717 of the International Union of Electrical Workers. "I would describe that as being extreme and unwarranted," O'Donnell said. ... [email protected] http://www.vindy.com/content/local_regional/309822046651238.php White-collar worker number to be reduced Salaried workers will receive the company's regular severance, not a buyout. By DON SHILLING VINDICATOR BUSINESS EDITOR Delphi Corp. is evaluating its number of salaried workers and expects reductions over the next several months. Rochelle Valdez, a company spokeswoman, said the white-collar workers who aren't needed will not receive buyout and early-retirement incentives as union workers did. Instead, they will receive the company's normal severance pay, which is based on years of service. Company executives are studying where to make cuts, and those actions will be taken in the coming months, Valdez said. ... http://www.vindy.com/content/local_regional/309826173239594.php
April 12, 200718 yr Author Both from the 2/28/07 DDN: Delphi deadline looms, but talks could continue By Thomas Gnau Staff Writer Wednesday, February 28, 2007 Today is the day investors may back away from a proposed cash infusion into bankrupt Delphi Corp., which has five plants in Montgomery County. But one participant in crucial contract talks tied to that investment expects those talks to continue. "I don't see us as coming to any screeching halt or anything," said Willie Thorpe, the Moraine-based chairman of the International Union of Electronic Workers-Communication Workers of America Automotive Conference Board. Thorpe's union represents workers at two Dayton-area Delphi plants. ... Contact this reporter at (937) 225-2390 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2007/02/28/ddn022807delphiweb.html Delphi attributes losses to attrition costs Parts supplier's losses likely to continue until bankruptcy 'transformation plan' is complete, CFO says. By Thomas Gnau Staff Writer Wednesday, February 28, 2007 Delphi Corp.'s fourth-quarter 2006 loss of $853 million surpassed the $828 million loss in the same quarter in 2005, Delphi reported Tuesday. Revenue hit $6.4 billion in the fourth quarter last year, down from $6.8 billion in the fourth quarter of 2005, Delphi said. Non-General Motors Corp. revenue for the fourth quarter last year was $3.7 billion, essentially flat compared to 2005. GM's business represented 57 percent of fourth-quarter revenues, Delphi said. ... Contact this reporter at (937) 225-2390 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2007/02/28/ddn022807delphi.html
April 12, 200718 yr Author From the 3/1/07 DDN: Investors, Delphi are still making plans for the future As a pivotal deadline passes, there's hope the auto parts maker can escape its financial woes. By Thomas Gnau Staff Writer Thursday, March 01, 2007 Talks on bankrupt Delphi Corp.'s future will go on. Wednesday was the day investors could have backed away from a proposed cash infusion into Delphi, which has five plants in Montgomery County. But Delphi and its investors agreed not to step away from the plan before March 15. ... Contact this reporter at (937) 225-2390 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2007/03/01/ddn030107deadline.html
April 12, 200718 yr Author From the 3/6/07 Sandusky Register: Delphi lays off temps, regular employees By MOLLY LINN | Tuesday March 06 2007, 7:39am PERKINS TWP. Delphi has permanently laid off about 17 temporary employees and temporarily laid off an additional 20 workers on a week-to-week basis, said spokesman Lindsey Williams. The bearings plant had a major shift in working population last December when the last of a wave of senior employees who took early-retirement and buyout packages offered by the plant left. The plant has more than 675 new employees working production at the plant for about $14 an hour and a lesser benefit package than their predecessors. Less than 200 previous employees remain at the plant, according to union members’ accounts. ... http://www.sanduskyregister.com/articles/2007/03/06/local_news/doc45ed57c1d3f41715679194.txt
April 12, 200718 yr Author From the 3/8/07 DDN: Delphi to offer purchase rights to stockholders Staff report Thursday, March 08, 2007 Bankrupt auto parts producer Delphi is preparing to offer current stockholders the right to buy 56.7 million shares at $35 each, the company said in a filing with the Securities and Exchange Commission Wednesday. The filing did not say when the offer would be extended. The offering to stockholders is part of an agreement Delphi made with companies that wish to invest in a restructured Delphi. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2007/03/08/ddn030807delphi.html
April 12, 200718 yr Author From the 3/11/07 DDN: Moraine Assembly Plant very familiar with GM's efficiency, productivity standards The automaker's 'True North' policy was part of the contract talks when the local union inked a deal in 2003. By Thomas Gnau Staff Writer Sunday, March 11, 2007 MORAINE — While General Motors Corp. pushes unions to achieve new efficiencies across the company, the union at its Moraine Assembly plant traveled that road long ago. Mike Hall, shop chairman of IUE-CWA Local 798, which represents 2,600 workers at GM's Moraine plant, said that his plant went through the rigors of what some GM executives call "True North" standards years ago. Hall said his local union agreed to what he called one of the most competitive agreements GM has. ... Contact this reporter at (937) 225-2390 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2007/03/10/ddn031107truenorth.html
April 12, 200718 yr Author From the AP, 3/14/07: GM posts 1st quarterly profit in 2 years Associated Press Wednesday, March 14, 2007 DETROIT (AP) -- General Motors Corp. reported today it earned $950 million for the last three months of 2006, its first quarterly profit in two years. The world's biggest automaker, which is the midst of a massive overhaul that includes shedding thousands of jobs and closing plants to become more competitive with Asian automakers, wound up with a loss of $2 billion for all of 2006 compared with a restated loss of $10.4 billion in 2005. Chief Financial Officer Fritz Henderson said despite the fourth-quarter profit, no one at GM is declaring victory over the company's financial woes. ... http://www.dispatch.com/dispatch/contentbe/EPIC_shim.php?story=253059
April 12, 200718 yr Author From the 3/16/07 DDN: Investors continuing talks with Delphi, GM, unions By Thomas Gnau Staff Writer Friday, March 16, 2007 Although Thursday was the first day investors could have walked away from a deal with bankrupt Delphi Corp., they did not, a Delphi spokesman said. Talks with investors, General Motors Corp., Delphi and its unions are not expected to cease anytime soon, said Lindsey Williams. "I would anticipate that talks would continue," Williams said. ... Contact this reporter at (937) 225-2390 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2007/03/16/ddn031607delphi.html
April 12, 200718 yr Author From the 3/20/07 DDN: Delphi work may move to Mexico Parts maker puts union on 150-day notice that production work at Forrer Boulevard plant could be outsourced. By Thomas Gnau Staff Writer Tuesday, March 20, 2007 KETTERING — Delphi Corp., is considering shifting work from its Forrer Boulevard plant to Chihuahua, Mexico, company and union officials said. The union at the plant has received a 150-day notice from the company. Willie Thorpe, automotive conference board chairman of the International Union of Electronic Workers-Communication Workers of America, said he doesn't think the union can keep the production work. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2007/03/20/ddn032007delphi.html
April 12, 200718 yr Author From the 3/21/07 DDN: Delphi workers could be eligible for federal help Wednesday, March 21, 2007 Workers at the Delphi Moraine assembly plant who accepted buyouts are eligible for Federal Trade Adjustment Assistance benefits. According to the Department of Labor, all workers of Delphi Corp.'s Moraine plant at 3535 Kettering Blvd. — including on-site leased workers of Bartech, MSX Inc.. Production Design Services, and Troy Design at Delphi — who left their jobs on or after Feb. 26, 2006 are eligible to apply for adjustment assistance. The decision impacts more than 1,250 employees, according to U.S. Rep. Mike Turner, whose office made the announcement Wednesday. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2007/03/21/ddn032107buyoutweb.html
April 12, 200718 yr Author From the AP, 3/23/07: Judge approves $37M bonus plan for Delphi execs By Vinnee Tong Associated Press Friday, March 23, 2007 NEW YORK — A federal bankruptcy judge approved Delphi's extension of a plan to pay as much as $37 million in bonuses to top executives. Delphi Corp. lawyer John W. Butler said that pay for managers of the auto parts maker is uncompetitively low and that the plan provides an integral part of total pay packages. Judge Robert Drain ruled that paying the bonuses was an exercise of sound business judgment, and that he saw them as necessary to the company's competitiveness. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2007/03/22/ddn032307delphi.html
April 12, 200718 yr Author From the AP, 3/24/07: GM chief gets 95,000 shares of stock worth $2.8 million Associated Press Saturday, March 24, 2007 DETROIT — General Motors Corp. Chief Executive Rick Wagoner and several senior company executives have received performance-based stock awards, according to documents filed with federal regulators. On Tuesday, Wagoner was granted 95,000 restricted shares of GM stock to be delivered in annual installments during the next five years, the company said Thursday in a filing with the Securities and Exchange Commission. The stock had an estimated value of $2.8 million on the day the shares were granted. Wagoner also on Tuesday received an option to buy 500,000 shares at $29.11, below the Tuesday closing price of $29.35. The option vests and can be exercised annually in equal installments over three years, but Wagoner can wait as long as 10 years to exercise the option, according to the filing. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2007/03/24/ddn032407gm.html
April 12, 200718 yr Author From the 3/28/07 DDN: Local UAW at breaking point with Delphi By Thomas Gnau Staff Writer Wednesday, March 28, 2007 DAYTON — A day after the United Auto Workers president said his union will shut down Delphi Corp. if it must, a local UAW leader agreed that his members are prepared to defend themselves. "I don't believe it's talking tough. I believe we're at a point where we can't go any further," said Joe Buckley, president of UAW Local 696, which represents about 800 workers at Delphi's Needmore Road plant. On Tuesday, the Associated Press said Ron Gettelfinger, UAW president, vowed to strike if the bankrupt auto parts maker voids labor contracts in bankruptcy court. ... Contact this reporter at (937) 225-2390 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2007/03/28/ddn032807delphiweb.html
April 12, 200718 yr Author From the 3/29/07 DDN: Local UAW leader: There'll be no more concessions to Delphi By Thomas Gnau Staff Writer Thursday, March 29, 2007 DAYTON — — As leaders of the United Auto Workers discuss bargaining strategy in Detroit, a local UAW leader agreed with his president Wednesday that the union has already given plenty to automakers. "I don't believe it's talking tough. I believe we're at a point where we can't go any further," said Joe Buckley, president of UAW Local 696, which represents about 800 workers at Delphi's Needmore Road plant. A day after the UAW president said his union will shut down Delphi Corp. if it must, Buckley said his members are prepared to defend themselves. ... http://www.vindy.com/content/local_regional/359128995711992.php
April 12, 200718 yr Author From the 3/30/07 Warren Tribune Chronicle: Area grad gives insight to GM ads By LARRY RINGLER Tribune Chronicle YOUNGSTOWN — A suicidal robot, flying trucks and a preemptive musical strike against a chief competitor — such are the tools a Mahoning Valley native is using to tell the world that giant General Motors Corp. has awakened. ‘‘We need to communicate more effectively. We know we build some of the best (vehicles) ever built,’’ Mike Jackson, GM’s vice president of marketing and advertising, told a gathering today for the Williamson Symposium Series at Youngstown State University. The Youngstown Ursuline High School graduate choked up a bit when he said many people he meets have no idea he comes from a troubled industrial basket area. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=16287
April 12, 200718 yr Author From the 4/3/07 Warren Tribune Chronicle: Lordstown to restart OT, 9-hour shifts By LARRY RINGLER Tribune Chronicle LORDSTOWN — In a sign of stronger sales, Saturday overtime and nine-hour shifts are scheduled to return to the General Motors Corp. Lordstown Complex, a union leader said Monday. The giant car complex is expected to work two Saturday overtime shifts, the first likely to be April 21 and the second set for April 28, United Auto Workers Local 1112 President Jim Graham said. In addition, workers are scheduled to resume nine-hour shifts right after Easter, he said. ... http://tribune-chronicle.com/articles.asp?articleID=16471
April 12, 200718 yr Author From the 4/7/07 Warren Tribune Chronicle: Delphi, union talks face long road By LARRY RINGLER Tribune Chronicle WARREN — Contract talks between Delphi Corp. and its second-largest union have a long way to go, the union’s chief contract bargainer says. Meanwhile, Delphi Corp. is staying mum about any Warren impact of the company’s decision to ship some finance-related jobs to an India-based company. ‘‘We’re somewhere around the third inning of a nine-inning game,’’ said Willie Thorpe, chairman of the IUE-CWA Automotive Conference Board said. ‘‘We’re trying to do plant sales. We’re trying to salvage a couple of smaller plants. Each local is working on their own to see what they can do. There’s a lot that goes into this.’’ ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=16631
April 13, 200718 yr Author From the 4/12/07 Warren Tribune Chronicle: UAW rejects retirement buyout offer By LARRY RINGLER Tribune Chronicle LORDSTOWN — Union bargainers for workers at the General Motors Corp. Lordstown Complex assembly plant rejected an initial retirement buyout offer from management, according to a union leaflet released Wednesday. United Auto Workers Local 1112 negotiators also stated an International UAW representative is scheduled to arrive at the complex today to join the talks. Leaders said they are continuing to meet with management to ‘‘address all issues’’ for their members. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=16814
April 14, 200718 yr Author From the 4/13/07 Warren Tribune Chronicle: UAW chief stays upbeat about contract talks By LARRY RINGLER Tribune Chronicle LORDSTOWN — The president of the union representing workers at the General Motors Corp. Lordstown Complex remained optimistic Thursday as labor contract negotiations continued. ‘‘It’s a tough thing but I’m sure we’ll get through it,’’ United Auto Workers Local 1112 President Jim Graham said. Graham’s comments followed a union leaflet that states management’s retirement buyout proposal for workers failed to meet the union’s needs. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=16846
April 16, 200718 yr Author From the AP, 1/26/07: $12.7 BILLION IN THE RED Ford ends 2006 with historic net loss Automaker warns bleeding could continue into 2008 Friday, January 26, 2007 Tom Krisher ASSOCIATED PRESS DEARBORN, Mich. - With big red numbers on its balance sheet that amount to $1,925 for every car and truck it sold last year, experts wonder whether Ford Motor Co. has the money to keep the doors open long enough for its restructuring plan to take hold. Yesterday, the 103-year-old industrial icon reported a staggering $12.7 billion loss for 2006, and it warned that losses will continue this year and next. The loss was the largest in Ford history, driven by slumping North American sales and $9.9 billion in special items, including restructuring costs tied to the planned closing of 16 plants. Chief Executive Alan Mulally, who is leading the massive remaking of the storied automaker, is confident in its plan to return to profitability by sometime in 2009. But some industry analysts are skeptical that its new product lineup can carry the company that invented the assembly line back into the black. "We know where we are. We are dealing with it and we?re on plan," Mulally said... http://www.dispatch.com/dispatch/contentbe/dispatch/2007/01/26/20070126-G1-03.html
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