Fiat Chrysler Automobiles (FCA), Ford Motor Co., and General Motors (GM) employees will start March with big profit-sharing checks, thanks to the popularity of trucks, SUVs, and crossovers.
United Auto Worker (UAW) contracts allot $1,000 in bonuses for every $1 billion in North American profits for each of Detroit’s automakers. GM workers will get the biggest bonuses, $10,750 for each eligible worker; Ford employees will get about $7,600; and FCA UAW members will get $6,000 each. Since the sharing scheme’s introduction in 2010, GM workers have earned more than $80,000 in such bonuses with similar numbers earned by its rivals’ workers.
The profit sharing serves dual purposes – the UAW argued for higher compensation in 2010 as automakers recovered from the Great Recession and started making big profits, and the automakers wanted to tie future employee gains to company performance. Marrying compensation to profits gives the UAW an incentive to consider profitability, something that will likely be a factor during what are expected to be contentious contract talks this summer. With GM planning to close four U.S. facilities, the union will have to balance the desire to protect those jobs and opportunities with the strong profit checks employees have received in recent years. https://www.fcagroup.com; https://www.ford.com; https://www.gm.com; https://uaw.org
Tornos Technologies names Maerklin president
Tornos Technologies US Corp., a producer of Swiss-type automatic lathes and multi-spindle machines, has appointed Daniel Maerklin president of its U.S. division, effective Feb. 1, 2019.
Maerklin has spent the last 14 years working in the machine tool and metal-processing industries, including for two German-based manufacturers. The bulk of his market experience has been with job shops and industrial segments in the U.S. such as automotive, medical, and heavy equipment. https://www.tornos.com