October 26, 2012 online at www.uawlocal2250.com
From Chairman Mike Bullock: It is with a heavy heart that I have to pass on the following news: There has been another fatality at a GM facility. Brother Brian Gilbert, a machine repairman and UAW Local 440 member, passed away Oct. 22 from injuries sustained when a lift table collapsed on Oct. 10 and pinned him while he was performing a maintenance activity. This is the third fatality in the GM family this year, after having none the previous 7 years. We are all "our brother and sister's keeper". We must do all we can to ensure that ourselves and our brothers and sisters leave at the end of the work day the way we arrived. This means no shortcuts through orange crush zones, using pre-task planning and observing the “take two” rule before performing a task. Please keep Brian Gilbert’s family in your thoughts and prayers.
From the International Union UAW: UAW President Bob King will rally with workers and labor leaders from across the country Saturday to support Sensata Technologies workers here facing outsourcing by Bain Capital in the fight to save their jobs. The Sensata plant is owned by Bain Capital, founded by Mitt Romney, and makes sensors and controls for auto manufacturers. The company plans to close Nov. 5 -- the day before Election Day -- kicking 170 workers to the curb while sending their jobs overseas to Chinese sweatshops. Meantime, Sensata has forced workers at the Freeport plant to train replacements from China and even reduced their severance packages. Workers and their supporters have been camping out across from the plant -- at "Bainport Encampment" -- to bring attention to their cause. In Monday's final presidential debate, President Obama proved that he is a leader who has taken important actions to create a level playing field for U.S. companies and workers around the world. He has fought hard to stop the unfair trade practices of China and other global trading partners because he understands that fair trade is important to creating and maintaining auto jobs in the United States. While President Obama was saving the auto industry, Romney was profiting off the outsourcing of American jobs by investing in companies that were "pioneers of outsourcing." Romney led investments in companies that outsourced jobs, including those that grew into some of the largest outsourcing and offshoring companies in the world, while families and communities were left behind, forced into crisis. (continued on back)
"Mitt Romney has never stood up for American workers, and Bain Capital has put profits before people over and over," said UAW President Bob King. "Mitt Romney won't stand up for American workers at Sensata in Freeport, Illinois - a company in which he is a direct investor - even though their jobs are being moved to China in the middle of this presidential election. "Romney stands silent but stands to profit as Bain Capital offshores American jobs to China, even though the workers in Freeport make a modest wage of $14 to $17 per hour," said King, adding that investigators have documented the exploitation of the overwhelmingly young and female workforce at Sensata's Chinese facilities. According to a recent report by the Institute for Global Labour and Human Rights, workers at Sensata's facilities in China earn wages ranging from 99 cents to $1.35 per hour, work forced overtime in excess of legal limits, and 70 percent of them work 12-hour days, seven days a week. "Romney has never stood up for American workers like President Obama has. Instead, he used them for his own personal profit and political advantage. Republican President Teddy Roosevelt said 'speak softly and carry a big stick.' Romney speaks loudly and outsources the sticks to China," said King, adding: "His record on jobs and offshoring work is despicable. Romney is so wrong for working families."
And if that doesn’t make your stomach churn enough, the Wall Street Journal reports that private-equity firms are adding debt to the companies they own in order to fund payouts to themselves, a controversial practice now reaching a record pace. Leonard Green & Partners LP, Bain Capital LLC and Carlyle Group LP are among the firms using the tactic, which rose in popularity before the financial crisis. In these deals, known as "dividend recapitalizations," private-equity-owned companies raise cash by issuing debt. The proceeds are distributed in the form of dividends to buyout groups. In one example, drug developer Pharmaceutical Product Development LLC, which is owned by Carlyle and Hellman & Friedman, sold $525 million of PIK-toggle bonds (a risky type of debt known as "payment in kind toggle" bonds that give companies the choice to defer interest payments to investors and instead opt to add more debt to the balance sheet) with the proceeds going toward a roughly $600-million dividend for the private-equity firms. To pay the full dividend, the company is also contributing about a third of the cash on its balance sheet, further weakening the company. In an even shadier deal, Leonard Green and CVC Capital Partners repaid themselves the full cash investment they made in a $2.8 billion buyout of BJ's Wholesale Club Inc. a year ago. BJ's sold debt last month to help pay a $643 million dividend to the owners. The firms and the company declined to comment.
Just Announced: Extra employee vehicle allowance (EVA) on select Chevrolet vehicles including the 2012 and 2013 Silverado regular and extended cab and the brand new 2013 Malibu. Along with $1000 trade-in bonus (and $750 for veterans), total cash off on a 2012 Silverado All-Star Edition is $10,750! For example, a 4x4 extended cab 2012 Silverado that stickers for $37,155 can be yours for $24,522. And remember: aunts, uncles, nieces and nephews are not eligible for your employee discount. Hurry to take advantage of this offer as it only runs through October 31.
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