State of the Union January 7, 2011

Jan. 7, 2011 online at www.uawlocal2250.com

From Chairman Mike Bullock: There is not an announcement scheduled for today. I wish there was. Understand this: IF and WHEN there is an announcement scheduled I will personally be up and down every aisle screaming at the top of my lungs "WE GOT IT!!" It will be on every TV screen and there will be a roar in this plant never before heard. I believe we are on the verge of something big, but until the MAN who signs our paychecks calls and tells me the news, there is no announcement. I have heard from people throughout this plant: " I have a neighbor who works for Company XYZ who says they have been contracted to do this"; " I have a brother in law who owns a construction company and he's been told....."; " I have an uncle who works for supplier xyz and they have been asked to supply widgets for a new product". I hear all these great stories and they could all be true. BUT... until the person from the corporation calls with the news, there is no announcement. WE have done everything possible to put us in the best position to secure a new product. You have given many sacrifices to put us in this position. If we get a new product it is because of you. WE need some good news and I think it is just around the corner.

From President Dan Howell: The skilled trades delegate election will be held Wednesday, Jan. 12. Polls will be open from 4 am – 4 pm at the Union Hall.

Morgan Stanley issued a 21-page report about GM’s future prospects and concluded that a stock price of $100 per share. In summary, it said:
The confluence of cyclical recovery in N. America (where GM derives two-thirds of its cash flow) and secular growth in emerging markets (the rest of its cash flow) drives their estimate for GM’s net cash to improve from $19bn at the end of 2010 to $29bn by 2012 and $71bn by 2015. Morgan Stanley’s current $50 price target is based on GM being a relevant ‘global player’ in the industry, but only keeping up with a cyclical recovery in the US light vehicle market while riding secular growth in emerging markets. With the historic impediments on costs substantially eliminated, the firm sees no structural reason why GM cannot one day be a dominating force in the global auto industry. While it’s too early to give the company the benefit of the doubt, they believe GM has the potential to one day produce the earnings and cash flow required to justify a valuation closer to $100 than $50. (GM stock closed at $38.90 yesterday, up about 18% from the issue price of $33)


There were 45 members who retired last year. Of those, 18 were pre retirements. Here are the names of the active members that retired:

Body Shop
Tracy Crossno
Victor McGill
Glenda Langley
Sue Kowalske
Patricia Powell
Antonio Sangster

Paint
Ella Clay
Harry Jackson
Flora Dukes

Trim
Ora Wall
Mike McBroom
Barbara Johnson
Frederick “Butch” Estes
Joseph Miller

Chassis
Marion Duff
Sam Braddock
Howard Huff
Robert Bortz

Material
Albert Bromley
Eugene Washington
Joseph Brooks
Michael Hill

Others:
Eugene Brown – tractor repair
Chester Wheeler – stamping maintenance
Linda Smart – quality
James Leffeler – general stores
Quitman Dukes – general stores