Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Well, the company offered an immediate 10% and the workers told them to shove it. The previous vote was 90% against, while this was only 55/45. Seems the workers are asking that Defined Benefit pension be restored to new hires and company paid health insurance in retirement. As I recall, these benefits started disappearing in the 80's. Ah, but now labor has the upper hand and they're playing it.
@rono- Well, for sure I'm in their corner, but it's gonna be pretty rough. The odds are that Deere is having the same sorts of supply problems as almost every other manufacturer, so the company might actually feel that a production halt at this time wouldn't be that harmful to them. Hard to know...
The other factor regarding the DB and health plans is that Deere certainly doesn't want to be the company to start a serious erosion of their cost containment practices that might then spread to other businesses. I wouldn't be at all surprised if a company like Deere might receive under-the-table financial support from other manufacturers anxious to maintain their positions of power in the present status quo.
I'm thinking that for labor to recover those types of benefits it would almost take some sort of national strike action, and that's not going to happen any time soon.
Old_Joe said, " I wouldn't be at all surprised if a company like Deere might receive under-the-table financial support from other manufacturers anxious to maintain their positions of power in the present status ." No doubt !! Later, Derf
Sadly, I'm sure that does go on, and probably routinely. Do you need a conscience to run a company? Nope. Just a Greed Bone. And as we all already know: "Greed is GOOD." ---Gordon Gecko.
Be glad “the other guy” isn’t still in DC. I can only imagine the Draconian words and actions that would so emminate. Typically, some of the words wouldn’t be fit for inclusion here.
Comments
The other factor regarding the DB and health plans is that Deere certainly doesn't want to be the company to start a serious erosion of their cost containment practices that might then spread to other businesses. I wouldn't be at all surprised if a company like Deere might receive under-the-table financial support from other manufacturers anxious to maintain their positions of power in the present status quo.
I'm thinking that for labor to recover those types of benefits it would almost take some sort of national strike action, and that's not going to happen any time soon.
No doubt !!
Later, Derf