Sunday, May 22, 2005
Onex promises $1 Billion worth of job security?
Well, it looks like I've been given the answer to my question about "how me and my coworkers will profit from the sacrifices [in medical and pension] that we're being asked to make."
Based on a news release I read the other day, it appears Onex is promising protections from layoffs and subcontracting to the tune of [pinky to lips] one BILLION dollars:
Mr. Wright added, "What we have here is an owner committed to investing a billion U.S. dollars in the business over the next five years. That's a billion dollars more in job security. This is going to preserve jobs and increase job security for the people who work here."
With this language, it appears that Onex is willing to eat $200 million in losses each year to protect us from outsourcing and layoff. And a promise of 5 years of employment might just be enough to offset my losses in medical.
UPDATE, Monday 5/23: Okay, I was mistaken. Onex really isn’t promising job security, they’re just wording their answers to the reporters so it sounds like they are. In reality, Boeing is still allowed to outsource our work to meet any “offset” agreements and TurnerCo can still subcontract out any of our work they desire.
-- Bill, who guesses they are using the money to just buy more toys for Mr Turner...
Comments:
Welcome the world of being written off. Looks like the Machinists got their notice.
http://www.ll834.org/Difficult%20situation%20Update%205-20-05.pdf
Since when is disinvesting in the workforce seen as the equivalent as investing in the
business? The `One Billion Dollar' figure sounds like the cash part of the purchase
price. Where in that purchase agreement does it tell what additional investment is forthcoming?
Sounds like a `Show Me The Money' moment.
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http://www.ll834.org/Difficult%20situation%20Update%205-20-05.pdf
Since when is disinvesting in the workforce seen as the equivalent as investing in the
business? The `One Billion Dollar' figure sounds like the cash part of the purchase
price. Where in that purchase agreement does it tell what additional investment is forthcoming?
Sounds like a `Show Me The Money' moment.
# posted by 
: 12:27 AM
: 12:27 AM