There will be a Women’s Committee meeting this Thursday, August 8 between the shifts at the Union Hall. Speaking of the Women’s committee, they will be hosting their annual golf tournament Saturday, Sept. 7 at Country Lake golf course in Warrenton. It will be a three person scramble with a 1 pm shotgun start. Cost is $70 per person or $210 a team and includes food and beer after the tournament. Prize money will go to the top 3 places in 3 flights and there will be longest drive and closest to the pin prizes as well as an optional skin game. Proceeds will benefit ALIVE (Alternative to Living in Violent Environment). Entry forms are available at the entrances or from committee members. This tournament benefits a great cause and is always a good time so make plans to play. Thanks in advance for your support.
One other project of the Women’s Committee that took place while the plant was shut down was the Habitat House home building project. Fifty people worked for two hot days putting up roof sheeting, outside insulation and house wrap, setting windows and blocking drywall to build houses for two deserving families. Thanks to everyone who participated. A check will be given to the charity at a later date.
The United Auto Workers trust that pays for retired auto workers’ health care will conduct a secondary public offering of all of its General Motors Co. stock warrants on Tuesday. GM confirmed the offering Monday. The UAW trust is offering up to 45,454,545 warrants to purchase GM stock. Each warrant represents the right to buy one share of GM’s common stock at an exercise price of $42.31 per share. The warrants expire Dec. 31, 2015.
Bidding opens at $3.50 per warrant to a maximum of $7.50 per warrant. If all of the warrants are sold at the maximum bid, the offering would raise $340.9 million for the trust. GM will not get any proceeds from the sale. Deutsche Bank Securities Inc. will conduct the offering. The trust currently administers health care benefits to 536,000 GM hourly retirees and their families. The trust also pays benefits for 316,000 retirees at Ford Motor Co. and Chrysler Group.
The trust reported $52.1 billion in assets at the end of 2011. It paid out $4.37 billion in benefits that year, including $2.6 billion for GM retirees. The offering won’t change GM’s ownership structure. The trust currently owns about 10 percent of the company, or 140 million shares. GM shares are up 83 percent from this time last year, and have risen 27 percent from Jan. 1.
Warrants are a way for investors to gain access to a company’s shares without spending the amount it would require to buy the shares outright. But there is a risk that the shares won’t reach the exercise price and the warrants will expire.
General Motors today increased to $350 million planned spending for new vehicles to be produced at its Spring Hill assembly plant. The new investment adds $167 million to a previously announced $183 million pledge and is expected to create or retain about 1,800 jobs. The new investment is for two projects:
- An additional $40 million added to the earlier announced $183 million investment to support a future mid-size vehicle program, bringing the new total investment to $223 million. This program is expected to create or retain approximately 1,000 jobs.
- A second mid-size vehicle program with an investment of $127 million that will create or retain approximately 800 jobs.
Timing and product specifications for both programs will be shared closer to start-of-production. The new programs will add to existing manufacturing operations at the site that include vehicle assembly, stamping, engine and component parts production. Located 40 miles south of Nashville, GM Spring Hill Manufacturing operates as a flexible-assembly plant, capable of building a variety of products on a range of platforms. The facility is designed to supplement production for plants being retooled for new products or add production to meet sales spikes in real time.
Chevrolet Equinox production began at the site in the third quarter of 2012 to meet growing consumer demand and support GM’s Canada operations. “I would like to thank General Motors for its confidence that the highly skilled members of UAW Local 1853 can successfully build mid-size vehicles with high quality here at Spring Hill,” said UAW Vice President Joe Ashton, who directs the union’s GM Department. “The hard work and dedication of our members once again proves that we can competitively manufacture vehicles for the future right here in Tennessee.”
Tom Brune
UAW/GM Communications Coordinator
Wentzville Assembly
636-327-2119
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