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November 21, 2007 |
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CHRYSLER LLC: Officially Seals New Labor Agreement with UAW Leaders of Chrysler LLC and the United Auto Workers union officially sealed a new four-year national labor agreement at a signing ceremony Monday, Nov. 19, 2007 in Detroit, Michigan. After the contract was signed, top members of the bargaining teams -- UAW President Ron Gettelfinger, Chrysler Vice Chairman and President Tom LaSorda, UAW Vice President General Holiefield, and Chryler Senior Vice President Employee Relations John Franciosi -- shook hands, officially ending the process that began last spring. As reported in the Troubled Company Reporter on Oct. 31, 2007, Chrysler confirmed that on Oct. 27, 2007, a new Chrysler-UAW 2007 national labor agreement, in response to UAW's ratification results. UAW members voted to ratify the new collective bargaining agreement with Chrysler, with 56% votes in favor of the four- year pact among production workers, and 51% in favor among skilled trades workers. About 94% of office and clerical workers voted in favor of the agreement, and 79% of UAW- represented Chrysler engineering workers approved the contract. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/ -- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. |
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