GM to pay up to $200 million to help resolve American Axle strike General Motors Corp. today said it would give American Axle & Manufacturing Inc. as much as $200 million to help its resolve the UAW's strike at the Detroit-based supplier.
In a filing with the Securities and Exchange Commission, the automaker, which has had to idle or cut production at as many as 31 plants during the course of the strike, said the money would help "fund employee buyouts, early retirements and buy-downs to facilitate a settlement of the work stoppage."
The UAW's strike of 3,650 workers at four American Axle plants is in its 11th week.
"We believe the offer will help bridge the gap between American Axle and the UAW and that they will be able to reach a mutually satisfactory agreement in the near future," GM spokesman Dan Flores said Thursday following the filing.
The offer from GM is "is predicated upon an expedited resolution," American Axle said in its own SEC filing Thursday.
"We're hopeful that it will facilitate a resolution to this terribly costly and disruptive strike," said American Axle spokeswoman Renee Rogers.
Copyright 1999-2013 | AutoRacing1 is an
independent internet online publication and is not affiliated with, sponsored by, or endorsed
by IndyCar, NASCAR, FIA, Sprint, or any other series sponsor.
This material may not be published, broadcast, or redistributed without