Auto parts supplier Delphi Corp has reached an agreement with its second-largest union and General Motors Corp to offer buyouts to hourly workers that is similar to an earlier deal with the United Auto Workers union.
The company announced the agreement with the International Union of Electronic Workers-Communications Workers of America (IUE-CWA) and GM, Delphi's former parent and its largest customer, late on Friday.
"We continue to be focused on the transformation of Delphi and this attrition plan provides a stronger framework to position our successful emergence from Chapter 11" bankruptcy protection, Delphi president and chief operating officer Rodney O'Neal said in a statement. "This plan further enables an effective transformation of our US manufacturing and support operations."
Delphi said the deal was an important step in its Chapter 11 restructuring.
GM has agreed to provide financial support under the proposed plan, which is subject to bankruptcy court approval, Delphi said. GM spokeswoman Toni Simonetti said on Saturday that the automaker will split the cost with Delphi.
"This is just another good step in reaching a consensual resolution in the Delphi bankruptcy and restructuring situation," Simonetti said. "We're pleased with that."
About 8,000 hourly workers represented by the IUE-CWA are eligible to participate. Some may be offered a lump sum payment of US$35,000 to retire, Delphi said, while eligible employees may decide to accept buyout packages ranging from US$40,000 to US$140,000.
The plan also permits the transition of up to 3,200 Delphi workers represented by the IUE-CWA to GM for retirement purposes, Delphi said.
Delphi filed for Chapter 11 bankruptcy protection last October. The buyouts are part of an effort to provide early-retirement incentives to Delphi workers as the company seeks to cut its work force.
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