UAW President: Comfortable Can Meet Feb 17 Deadline For Cost Cuts
22 Januar 2009 - 1:46AM
Dow Jones News
United Auto Workers President Ron Gettelfinger said an agreement
to give the U.S. auto makers more cost-concessions will be in place
by the February federal deadline.
"I feel comfortable with the Feb. 17th deadline," Gettelfinger
said on the sidelines of the Automotive World Congress meeting in
Detroit Wednesday. "If that is the date we have to be there (with
any agreement), then we will be there."
Gettelfinger added that he doesn't expect hourly wage cuts and
the auto makers have not asked for them. He said he doesn't plan on
asking President Obama's administration for more time.
Chrysler LLC and General Motors Corp. (GM) need the UAW to
commit to new cost-savings concessions in order to access billions
more in low-interest loans from the federal government.
Both companies, which each received $4 billion in loans, must
submit new restructuring plans by March 31, detailing steps they
will take to wring out more costs. Chrysler is counting on another
$3 billion later this year, while GM may access another $4
billion.
-By Jeff Bennett; jeff.bennett@dowjones.com; 248 204 5542
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