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November 28, 2007 |
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FORD MOTOR: Strike Continues Despite Initial Wage Agreement The strike at Ford Motor Co.'s site in Vsevolozhsok, Russia, continues despite a meeting between company management and employees on Nov. 26, 2007, The Associated Press reports. According to union chief Alexei Etmanov, the management agreed in principle to raising wages, but did not disclose concrete figures, AP relates. "We haven't agreed on anything," Mr. Etmanov was quoted by the Associated Press as saying. Ford, meanwhile, said it would resume production today, Nov. 28, with non-striking employees working on single shift. "We are not going to comment on the management's intentions," Mr Etmanov commented. "Let them try to restart the assembly line, and we'll see. We are going to continue the strike." As reported in the TCR-Europe on Nov. 22, 2007, workers launched an indefinite strike on Nov. 20, 2007, demanding higher wages and reduction of night shifts from March 2008. The strike halted the Ford Focus production line, RIA Novosri reports. According to reports, Ford's workers held a 19-hour strike on Nov. 6, 2007, after management repeatedly rejected their pay hike demands. They returned to work after a court ordered the union to postpone further action until Nov. 20, 2007. The Vsevolozhsk plant produced about 60,000 cars in 2006, mainly the Focus model, and plant officials have said they were hoping to increase production to 75,000 for 2007. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/ -- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the Company maintains a presence in Sweden, and the United Kingdom. The Company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit and other ratings on Ford Motor Co. and Ford Motor Credit Co. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007. S&P said the outlook is stable. As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. |
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