American Axle Workers Ratify Agreement, End Strike

Fri, May 23, 2008

Hummer News

Striking American Axle workers took to the polls yesterday and overwhelmingly (78%) approved the once tentative measures to end the almost 3-month long strike. Production at American Axle is expected to ramp up early next week, and GM Plants that produce the HUMMER H2 and H3 have not announced a timeline for bringing the idled plants back online. We expect it to be in the next two to three weeks. Under the agreement, American Axle workers took a pay cut, but also have the choice of taking a $55,000 early retirement incentive or up to $140,000 to leave the company. In the second quarter alone, GM estimates the strike cost the automaker about $1.8 Billion before taxes.

UPDATE: According to the Chicago Tribune, the H2 Plant will be back in business June 2nd.

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