Nov. 18, 2010 online at www.uawlocal2250.com
From Chairman Mike Bullock: The December tentative production schedule was released on Thursday. The tentative schedule is 10 hours off K-line Monday thru Thursday and 8 hrs off K-Line on Fridays .Christmas week's schedule, because of the Holiday is scheduled for 10.7, 10.7, 10.6 and 8 hours on 12/23.
The Global Manufacturing System (GMS) has been agreed to by the National parties as our directive for the Quality Network. As part of GMS implementation there will be voluntaryTeam Leader and Team Member evaluations beginning in January. These evaluations will be done annually. These evaluations will NOT be used for discipline. If an employee does not want to participate then the Group Leader will conduct the evaluation. You will receive a handout on Friday with more information about this process.
From Automotive News: A high stock price for General Motors Co. is in the interest of its past and present workers as it will allow the automaker to invest in its future, the head of the UAW said on Wednesday. "I absolutely want that stock price to be as high as it can be, but that's as much for our active members as it is for our retired members," UAW president Bob King said at the Reuters Global Autos Summit. "The higher that stock price is, the more money General Motors has got to invest in products, new facilities. I think in general people feel really upbeat about General Motors," he added. "The products are great, again the commitment to quality from our membership is really high."
From the Wall Street Journal: General Motors is on pace to sell $18.1 billion in shares in what likely will be the second-largest U.S. initial public offering ever, capping a remarkable two-year turnaround in which the car maker went from begging for a government bailout to posting its first steady profits in more than six years. GM sold about 478 million shares Wednesday at $33 each, a price higher than the company and its bankers thought was possible just days ago. An additional 71.7 million shares are expected to be sold by GM's bankers as part of an "over allotment" allowed when sales are stronger than expected. And it sold $4.35 billion in preferred shares. The U.S. Treasury will cut its ownership stake in GM to about 26% from 61% through the stock sale, including the over allotments. With Wednesday's sale, including the over allotment, the Treasury lost roughly $4.5 billion on GM shares it acquired at an effective cost of $43.84 apiece. The Treasury would need to reap $26.4 billion, or an average of $52.79 a share, on its remaining stake to break even. On Thursday, the stock opened 6% higher as GM Chief Executive Dan Akerson rang the opening bell on the New York Stock Exchange.
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