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Bankruptcy - USA - Delphi Move Could Force Industry Changes
USA - The Press Democrat/AP, by DEE-ANN DURBIN -Oct 10, 2005: -- Delphi Corp.'s bankruptcy could change the face of the U.S. auto industry, ratcheting up the pressure to produce cheaper auto parts overseas and forcing unprecedented cuts in union wages and benefits, industry analysts and autoworkers said Sunday... Delphi, the largest U.S. auto supplier, filed for bankruptcy Saturday and is expected to slash jobs and wages and close many of its 31 U.S. plants as part of its reorganization... General Motors Corp., Delphi's largest customer and former parent, said it might have to assume up to $11 billion in retirement benefits for Delphi's union-represented employees... James McTevia, a restructuring expert who is representing Delphi suppliers in the bankruptcy proceedings, said Delphi could set a new model for the entire industry by scaling back its hourly work force and its U.S. manufacturing capacity and giving lower wages and benefits to the workers that remain... "North America, Michigan and Detroit are no longer going to be the auto capitals of the world. The auto capital of the world is going global," McTevia said.
posted by Unknown @ 10:57 AM
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