GM, Delphi, UAW Agree on Steps to Help Delphi, Strike Averted
Posted on: Thursday, 23 March 2006, 12:00 CST
By Kyodo News International, Tokyo
Mar. 23--NEW YORK -- General Motors Corp., Delphi Corp., the auto parts supplier once owned by GM, and the United Auto Workers agreed Wednesday on buyouts to be offered to Delphi and GM workers in a move to support the ailing auto parts supplier, GM and Delphi said.
The accord has made it possible to avert a strike Delphi workers had planned to stage, with the deadline for negotiations between Delphi's management and the UAW set for the end of this month.
Under the agreement, GM will temporarily receive up to 5,000 Delphi workers, while 13,000 hourly workers will be eligible for a lump sum payment of up to $35,000 to retire.
The Delphi plan is subject to approval by a bankruptcy court that has been hearing its Chapter 11 case.
Delphi filed for bankruptcy in October.
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DPHIQ, GM,
Source: Kyodo News International, Tokyo
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