Nov. 4, 2010 online at www.uawlocal2250.com
From Chairman Mike Bullock: Welcome back to the 10 employees who returned to work on Wednesday. With the line speed increase and sick leaves, all these employees will be staying indefinitely. Please be sure to apply for any vacation time you may be entitled to. Under the national agreement "use it or lose it", all vacation entitlement (except VR) needs to be applied for. Any unused VR time will be paid no later than the first pay period in February 2011.
From the CAP Committee: Thanks for all the hard work and extra hours that everyone put into this election. Your volunteer time is noted and greatly appreciated by all the candidates. UAW Local 2250's Active and Retired members are recognized for their strong support and ability to "get it done". Again, thanks for all the wonderful work and for getting out the vote.
Here are van sales numbers for October:
2010 2009 Change Share
Ford Econoline 7379 5658 +30.4% 51.3%
GM 6286 4919 +27.8% 43.7%
Ford Transit 2577 1513 +70.3%
Mercedes Sprinter 725 --- ---- 5.0%
Van sales by month for 2010:
Jan. Feb. March April
3264 4619 5456 6304
May June July Aug. Sept.
7741 7784 7272 5750 6156
Two announcements from GM yesterday regarding the IPO and 3rd quarter profits are on the back:
General Motors Company announced that for the third quarter, ending September 30, 2010, the company expects to generate:
Revenue of approximately $34 billion
Net income attributable to common stockholders of $1.9-$2.1 billion and
Earnings before interest and taxes (EBIT) of $2.2-$2.4 billion
For the first nine months of the year, GM estimates:
Revenue of $99 billion
Net income attributable to common stockholders of $4.0-$4.2 billion and
EBIT of $6.0-$6.2 billion
The company also announced it expects to generate positive EBIT in the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, due to the fourth quarter having a different production mix, new vehicle launch costs (in particular the Chevrolet Cruze and Volt) and higher engineering expenses for future products.
And:
GM is launching its public offering (IPO) which will consist of 365M shares of common stock with a share price of $26 to $29.00 per share to be sold by certain selling shareholders, and 60M shares of Series B preferred stock with a liquidation amount of $50.00 per share to be sold by GM.
In connection with the launch, members of executive management will be conducting road shows during the next few weeks to market the IPO to selected investors. Our company and our employees continue to be subject to SEC regulations, which prohibit us from referencing the IPO through written communications. While we can continue to discuss our business as we always have internally and externally, any written communications, including emails to outside parties regarding the IPO, are prohibited. Because the SEC broadly defines ‘written communications’ to include events where verbal conversations may subsequently be published, the safest course is to refrain from discussion about an IPO in any context.
No comments:
Post a Comment