The UAW and Ford Motor Company reach tentative agreement on VEBA funding
posted by Stephen @ 8:36 AM
February 24, 2009
Ford and UAW
In a recent press release, Ford Motor Company has stated that it has reached an agreement with the UAW on modifications to the Voluntary Employee Beneficiary Association (VEBA) retiree health care trust. The agreement will allow Ford to use either cash or common stock to make payments to the VEBA, with stock totalling up to 50%. If finalized, this agreement would allow Ford to become more competitive with foreign automakers’ U.S. manufacturing operations. This is critical to Ford’s turn around plan to continue to operate without accessing government loans and to invest in ONE Ford products. For the full release click here.
Tags: Ford, Ford Motor Company, UAW, VEBA
