Word: caterpillar
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Dates: during 1980-1989
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...beaming workers pouring through the gates at Caterpillar Tractor's East Peoria plant were obviously happy to be back on the job after the longest company-wide strike in United Auto Workers history. But they were not a bit pleased about what the walkout had cost them. Art Borowiec, 43, an electrician, figures he lost nearly $20,000 in wages and benefits during the 205-day strike, and like many of his coworkers, he doubts that the results were worth it. Says he: "I've never been so broke, desperate or dependent. I'd like to have...
...contract includes concessions by Caterpillar (1982 sales: $6.5 billion) as well as by the strike-weary workers, who voted 2 to 1 to accept it even after union leaders had recommended its rejection. While the company won its demand for a 37-month wage freeze, it also agreed to some pay increases. These include Caterpillar's first profit-sharing bonuses, which will bring the average worker a total of $558 in cash or company stock by 1985, plus quarterly cost of living adjustments. The hourly pay of union members consisted typically of $12.80 in wages and $6.74 in benefits...
...Caterpillar executives hope the wage freeze will help to revive profits. The ailing maker of earthmoving and construction equipment was $180 million in the red last year, its first yearly loss since 1932. It lost $172 million more in this year's first quarter. The firm laid off some 20,000 workers during 1982 in addition to the 20,400 strikers, and has slashed its capital spending and research budgets. "Cost containment is vital," says Chairman Lee Morgan, 63. "We will have to scratch still harder for business and manage more effectively...
...Caterpillar had sought cost containment throughout negotiations which began in September in Bridgeton, Mo. The company lost $180 million last year its first time in the red since the Depression...
...Caterpillar workers make more than $19 per hour Although the new contract freezes wages, there will be pay increases through quarterly cost-of-living allowances. The union also has its first profit-sharing plan at Caterpillar, including a guaranteed payment of at least 31 cents per hour to be distributed by April 1985 for each hour worked...