GM to pay up to $200M to help end American Axle strike

Source: Associated Press

DETROIT (AP) — General Motors Corp. has agreed to kick in up to $200 million to help bring an end to a bitter 10-week strike at parts supplier American Axle and Manufacturing Holdings Inc.

The automaker said Thursday in a government filing that the money would go for temporary payments to buffer reduced wages for the workers, as well as employee buyout and early retirement packages.

About 3,600 United Auto Workers at five American Axle factories have been on strike since Feb. 26 in a dispute over the company's quest for lower wages and benefits.

The strike has crippled GM's production of pickup trucks and sport utility vehicles and hurt its bottom line. About 30 GM factories have been either fully or partially closed due to the strike.


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when American axle wants to cut pay by like 2/3's and the CEO is cleaning house, but still gets his golden parachute.