The Independent Uganda: You get the Truth we Pay the Price
Chicago, US | Xinhua | The United Auto Workers (UAW) strike against the Big Three U.S. automakers has cost General Motors Co. (GM) 200 million U.S. dollars as of late September, reported local media.
In a filing with the Securities and Exchange Commission on Wednesday, GM said it has established a 6 billion-dollar line of credit to deal with the impact of the strike.
But the line of credit “is just prudent in light of some of the messages that we’ve seen from some of the UAW leadership that they intend to drag this on for months,” said GM Chief Financial Officer Paul Jacobson in an interview with U.S. media. “We’ve got to continue to fund the transformation and really position GM for the future for all of our people.”
The union on Monday provided a counteroffer to GM’s Sept. 21 offer to the union. Details of the union’s counteroffer haven’t been released.
GM is the sole automaker among the Big Three targeted in both UAW’s initial strike and two rounds of expansion. On Sept. 15, the UAW initiated work stoppages at GM’s midsize truck plant in Wentzville, Missouri. On Sept. 22 the union expanded the strike to all GM part-distribution plants, and on Sept. 29 further to the Lansing Delta Township plant, Michigan. ■
