GM offers $200 mln in bid to end Axle strike
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Thu, 08 May 2008 19:17:06 GMT |
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DETROIT (Reuters) - General Motors Corp has offered American Axle & Manufacturing Holdings $200 million in a bid to clinch a speedy resolution of a strike against a key supplier that has run for more than two months.GM made the disclosure in a filing with the U.S. Securities and Exchange Commission on Thursday.Detroit-based American Axle, which has pressed the United Auto Workers union for deep concessions on labor costs in ongoing talks, said the GM offer hinged on a quick resolution to the strike."We have recently agreed with American Axle that we would provide them with upfront financial support capped at $200 million to help fund employee buyouts, early retirements and buydowns to facilitate a settlement of the work stoppage," GM said in its filing.A UAW spokesman was not immediately available for comment.(Reporting by Kevin Krolicki; editing by John Wallace)
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