Delphi UAW Workers Agree To Wage Cuts And Plant Closings!

Forget the "Jesus Phone" — folks at Delphi, General Motors and the executive offices of the UAW are praising the real thing this early afternoon because according to Automotive News, UAW workers voted by more than a 2-1 ratio to approve the deal calling for top production wages to drop from $27 an hour to $18.50. Also, Delphi plans to close 10 US plants, keep four open, sell four others and transfer to the General three plants if they can't be sold. We'll get you more as soon as we know more — but for the time being this has got to make stress-induced angina in the folks at the automakers-once-known-as-the "Big Three" feel a little less painful.

UAW workers at Delphi OK wage cuts, plant closings (sub. req.) [Automotive News]

Related:
Gettelfinger Pats GM On Head For Delphi Agreement; Delphi Loses $533 Million In First Quarter Of 2007; CNBC Uses The Delphi Rhythm Method Too! [internal]