May 9, 2008
GM to pay up to $200M to help end American Axle strike
“It was pretty much understood after a point that GM was going to have to do something. It was not simply an innocent bystander and it was going to be costly”
General Motors Corp. has agreed to kick in up to $200 million to help bring an end to a bitter 10-week strike at parts supplier American Axle and Manufacturing Holdings Inc.
The automaker said Thursday in a government filing that the money would go for temporary payments to buffer reduced wages for the workers, as well as employee buyout and early retirement packages.
About 3,600 United Auto Workers at five American Axle factories have been on strike since Feb. 26 in a dispute over the company's quest for lower wages and benefits. Read more
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