Chrysler Strike Deadline Nears
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Chrysler Strike Deadline Approaches
As the clock ticks towards an 11 a.m. EDT strike deadline, the United Auto Workers (UAW) and Chrysler are engaged in intense labor-contract discussions. Negotiations continued overnight at Chrysler’s headquarters in Auburn Hills, Michigan, but several critical issues remain unresolved.
Recently, the UAW concluded negotiations with General Motors (GM) only after a two-day strike. Now, with 49,000 Chrysler workers at 24 U.S. plants potentially poised to walk out, an agreement by Wednesday morning is crucial, although talks could be extended.
Chrysler and UAW representatives have yet to comment. Analysts suggest Chrysler might withstand a short strike due to high inventory levels, which a stoppage could help alleviate. However, a prolonged strike poses a risk to the company's financial stability.
Chrysler, now owned by Cerberus Capital Management after separating from Daimler, faces negotiations that could impact Ford, the second-largest U.S. automaker. Meanwhile, it's expected that a majority of GM workers will ratify a tentative labor contract, which includes setting up a union-controlled health care trust (VEBA) and a two-tier wage system. Though costly initially, VEBA aims to relieve GM of the financial strain from retiree health care costs.
Chrysler's discussions focus on funding a similar VEBA, as it deals with $18 billion in unfunded health care liabilities. Additionally, Chrysler seeks concessions granted to GM and Ford, while the UAW pushes for production guarantees at U.S. plants to protect union jobs.
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