Issue #5 - September 5, 1996 - The Facts on Chrysler


Issue #5 - September 5, 1996 - The Facts on Chrysler




FACTS ON THE CAW’S STRIKE TARGET

"The issues we face a Chrysler are very difficult. It may not be possible to get the deal we need without a strike," says CAW president Buzz Hargrove.

TORONTO -- The media often portray Chrysler as the number three automaker among the Big Three. But a check of the Chrysler fact file shows it’s no slouch when it comes to making money. Chrysler profits stack up well against Ford and General Motors, a fact that highlights why Chrysler must lead the way in committing to maintain good paying jobs in our communities.

"Chrysler was selected as target for this round of bargaining because it’s the company where we believe we can get the best settlement on the union’s priority issues for all our members with the least amount of sacrifice," Hargrove said.

Here are some other facts about Chrysler:

  • Chrysler Canada’s profits last year were $83 million. Those profits were reduced because of the retooling of the Windsor minivan plant. Its 1996 profits are expected to be much stronger. Over the three years from 1993 to 1995 Chrysler Canada earned a total of $548 million;

  • Chrysler is on the way to earning all-time record profits this year globally. With the new mini-vans and other vehicles being produced at full capacity, Chrysler has already earned almost $2 billion (U.S.) during the first half of 1996 alone, roughly equal to the total for all of last year;

  • Hargrove said, "Success for the future cannot be just for executives with huge salaries, bonuses, stock options and pensions." He noted the salary and bonus of Chrysler’s chief executive officer Robert Eaton totalled $3.7 million (U.S.) in 1995, which is an increase of 301 per cent since 1990. The CEO earned another $435,000 (U.S.) in long term stock options. Pensions and numerous other perks are not included;

  • In 1990 Chrysler’s CEO earned 28 times in salary and bonus as the straight-time wages of a Canadian assembler. By 1995 the ratio had increased to 110 times.

"Workers, their families and the communities they live in must share in the wealth through improved job security, shorter working time, wage increases and better benefits," said Hargrove.


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