State of the Union November 17, 2010

Nov. 17, 2010 online at www.uawlocal2250.com


From Chairman Mike Bullock: An additional three members will be recalled tomorrow for deer season. The new seniority date to hold the plant is 4-3-2000 with last four of 2000.

Reminder: Union meeting is today at 1 pm, 3 pm and 15 minutes after the longest first shift line time.

The Community Services Committee will have a meeting Thursday, Nov. 18 after first shift in the cafeteria. Agenda items include the Christmas Adopt-a-Child and the Elder Court Thanksgiving dinner.

Attention: Paving work will be done at Gate # 2 (body shop) and Gate # 4 (chassis) entrances next week. Gate # 2 will be closed all week and Gate #4 will be open but with limited access. Work should be complete upon return from the Thanksgiving break.

From the Wall Street Journal: General Motors Co. said Wednesday that it will increase the size of its initial public offering by about 30% to 478 million shares, which could make it the largest global IPO in history. The move, which came despite broad stock market losses Tuesday, is a response to stronger-than-expected demand for shares in the auto maker, which is generating solid profits after last year's U.S. government-orchestrated bankruptcy. Earlier Tuesday, GM confirmed it would raise the expected price for shares sold in its IPO to a range of $32 to $33 from the previous $26 to $29. GM also plans to sell up to $4.6 billion of preferred stock, up from $3 billion previously planned. The IPO will be priced Wednesday after the U.S. stock markets close and the shares will start trading Thursday. After the IPO, the U.S. government's stake in GM would fall to close to 26% from the current 61%, people familiar with the matter said. The U.S. will sell 412 million shares, up from 303 million. A union-run retiree trust will sell 102 million shares, up from 82 million. Canada's federal and provincial governments, which aided in GM's rescue, will stick with plans to sell 35 million shares.

The Chevy Volt has been named Motor Trend’s 2011 Car of the Year. The Volt beat out competitors such as the Ford Fiesta, Hyundai Sonata, Lincoln MKZ hybrid, BMW 5 Series, Jaguar XJ, Infiniti M and Audi A8. The Volt was also named Automobile Magazine’s Car of the Year for 2011. “The Chevrolet Volt endured more scrutiny and skepticism than any of the nine other semifinalists,” Automobile Magazine Associate Editor Eric Tingwall said in a statement. “The Volt is unlike any vehicle we have ever driven.”