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GM Offers Big Money To End Labor Dispute With American Axle

POSTED: 3:48 pm EDT May 8, 2008
UPDATED: 5:14 pm EDT May 8, 2008

The General Motors Corp. said it will pay up to $200 million to help bring an end to a crippling labor dispute at parts supplier American Axle and Manufacturing Holdings, Inc.

The automaker said Thursday in a government filing that the money would go to subsidize lower wages for striking workers, and for employee buyout and retirement packages.

About 3,600 workers at five American Axle factories have been on strike for more than nine weeks because the company wants to cut their wages and benefits.

The strike has crippled GM’s production of pickup trucks and sport utility vehicles. One of the plants that has been affected by the strike is the GM Assembly Plant in Moraine.

American Axle spokeswoman Renee Rogers said negotiations with workers are continuing.

"We are hopeful that GM's financial assistance to help fund thebuyouts, retirement incentives and buy downs will facilitate an expedited resolution to the international UAW strike," Rogers said. "It's been costly and disruptive. A quick return to work will be a win-win-win for everybody."

American Axle said in a separate filing with the U.S. Securities and Exchange Commission that the aid from GM is contingent on a quick end to the strike.

"We believe the offer will help bridge the gap between American Axle and the UAW and that they will be able to reach a mutually satisfactory agreement in the near future," GM spokesman Dan Flores said.

GM shares fell 30 cents to $21.10 in late afternoon trading Thursday while American Axle shares gained 38 cents to $21.75.


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