DTP MANIAC Posted October 14, 2011 Share Posted October 14, 2011 Just read on Bloomberg that the 20011 contract is now 51% yes.UAW Says Ford Pact Vote Flips as 51% Approve Q By Keith Naughton - Oct 14, 2011 4:04 PM ET inShare 1More Print Email Ford Motor Co. (F) hourly workers reversed course and are now voting 51 percent in favor of a proposed new four-year contract, after rejecting it in earlier voting, according to the United Auto Workers. The union said on its Facebook page that 6,271 members have cast votes for the accord while 6,085 have voted against it as of 11:30 a.m. New York time. A union post an hour earlier on the same page said 53 percent of Ford members had voted against the tentative accord. The updated results represent voting by 36 percent of Ford’s 40,600 U.S. hourly workers, the UAW said. The new tally comes after Ford’s Mustang factory in Flat Rock, Michigan, voted 72 percent in favor of the agreement, with 1,190 workers for it and 318 against, according to a post on UAW Local 3000’s website. The factory is to get a second shift to produce the Fusion midsize sedan under the new contract. UAW President Bob King said Oct. 12 that he expected members to ratify the agreement reached with Ford Oct. 4. The Dearborn, Michigan-based company pledged 12,000 new jobs, $6.2 billion in factory upgrades, and bonus and profit-sharing payments this year that total as much as $10,000 per worker. It doesn’t include raises for senior workers or restore cost-of-living pay increases workers gave up to help Ford survive. ‘Contentious’ Vote “The fact the vote is this contentious suggests at worst that the contract is not overly generous to the UAW and at best is a good deal for Ford,” Adam Jonas, an analyst with Morgan Stanley, wrote in a research note yesterday suggesting investors buy Ford on UAW uncertainty. “UAW leadership is anxious to ratify the current contract as a rejection could open the door to a less attractive deal thanks to a deteriorating economy,” wrote Jonas, who rates Ford “overweight.” Voting on the Ford agreement will last through Oct. 18. “We remain optimistic that the tentative agreement will be approved,” Karen Hampton, a spokeswoman for Ford, said in an e- mail today. “The agreement is fair to our employees and improves Ford’s competitiveness in the U.S.” Ford, the second-biggest U.S. automaker, rose 1.9 percent to $11.56 at the close in New York. The shares had risen 2.9 percent in earlier trading before falling to yesterday’s close after the first UAW update that the majority of votes were against ratification. Rouge Vote UAW Local 600, Ford’s largest union local representing workers at its vast Rouge complex in Dearborn, concludes voting today. While it is King’s home local, it went against the union president’s recommendation two years ago and voted down concessions such as a ban on strikes until 2015. That Local 600 vote helped defeat the proposals, meaning only Ford faced a strike possibility in this year’s labor talks. The UAW agreed to a strike ban at General Motors Co. (GM) and Fiat SpA-controlled Chrysler Group LLC as part of their U.S.-backed bankruptcies. “People feel they deserve more,” said Gary Walkowicz, a UAW Local 600 union official who is leading a “Vote No” campaign. “There is a lot of anger out here.” Workers at a Ford metal-stamping plant in Chicago yesterday rejected the contract with 70 percent of the vote, according to results posted on the website of UAW Local 588. At a company- owned parts plant in Saline, Michigan, 59 percent of production workers yesterday voted to turn down the contract, while 51 percent of skilled-trades employees rejected it, according to UAW Local 892’s website. Chicago Votes No The proposed agreement also has been rejected by Ford’s Chicago assembly plant, which builds the Taurus sedan and Explorer sport-utility vehicle, and a factory in Wayne, Michigan, that produces the Focus small car. Workers at Ford’s engine plant in Brook Park, Ohio, yesterday approved the agreement with 57 percent of the vote, according to UAW Local 1250 President Mike Gammella. The factory, which employs 943 people, is gaining a third shift of workers as part of the new contract. “This is a very good contract in a very poor economy,” Gammella. “People understand that.” Votes are to be conducted this weekend at big assembly plants in Avon Lake, Ohio, and Claycomo, Missouri. The ratification vote will conclude Oct. 18 when Ford’s Kentucky truck plant and Louisville assembly plant complete two days of voting. The factories produce pickups and SUVs. Ford’s Profits Ford earned $9.28 billion in the past two calendar years after $30.1 billion in losses from 2006 through 2008. Chief Executive Officer Alan Mulally’s 2010 compensation rose 48 percent to $26.5 million. Ford also awarded him more than $56 million in stock in March for leading the company’s turnaround. Ford borrowed $23.4 billion in late 2006, putting up all major assets including its blue oval logo as collateral. That helped Ford avoid the bankruptcies and bailouts that befell the predecessors of GM and Chrysler. Workers at GM last month approved a new contract with the automaker. Chrysler reached a tentative labor deal with the union Oct. 12 that, like the Ford agreement, is subject to a ratification vote by UAW members. “Ford has had an embarrassment of riches, so their workers expected a major improvement over the GM agreement,” said Gary Chaison, a professor of industrial relations at Clark University in Worcester, Massachusetts. “They know they can go on strike and they feel Ford is vulnerable.” To contact the reporter on this story: Keith Naughton in Southfield, Michigan at knaughton3@bloomberg.net To contact the editor responsible for this story: Jamie Butters at jbutters@bloomberg.net Want to save this for later? Add it to your Queue! Quote Link to comment Share on other sites More sharing options...
louie Posted October 14, 2011 Share Posted October 14, 2011 Just read on Bloomberg that the 20011 contract is now 51% yes.UAW Says Ford Pact Vote Flips as 51% Approve “UAW leadership is anxious to ratify the current contract as a rejection could open the door to a less attractive deal thanks to a deteriorating economy,” wrote Jonas, who rates Ford “overweight.” If this drags on with no votes and is turned down the quote above will be a reality and the no voters will cause us huge losses Vote yes is the only safe option 1 Quote Link to comment Share on other sites More sharing options...
poop Posted October 14, 2011 Share Posted October 14, 2011 I heard indianapolis passed it. Quote Link to comment Share on other sites More sharing options...
gatorman925 Posted October 14, 2011 Share Posted October 14, 2011 If this drags on with no votes and is turned down the quote above will be a reality and the no voters will cause us huge losses Vote yes is the only safe option You scumbag stick up for yourself and your uaw members. This deal sucks .Vote it down and grow some balls you pussy! Quote Link to comment Share on other sites More sharing options...
done Posted October 14, 2011 Share Posted October 14, 2011 (edited) I heard indianapolis passed it. INDY 131 YES 122 NO I VOTED NO Edited October 14, 2011 by done 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.