00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Nearly 1,000 workers at an American axle plant in Three Rivers, Michigan,
00:07launched a strike Monday over a stalled labor contract dispute,
00:10according to the Wall Street Journal.
00:13The plant produces axles for General Motors' heavy-duty Chevrolet Silverado,
00:17GMC Sierra, Chevrolet Colorado, and GMC Canyon trucks,
00:22as well as components for Chrysler's Pacifica minivan.
00:25United Auto Workers President Sean Fain announced the work stoppage Sunday,
00:29citing years of wage cuts dating to 2008 when workers cut pay
00:33from $29 to $14.50 an hour to keep the plant open.
00:37Most production workers now top out at $22 an hour.
00:41Workers are also seeking limits on mandatory overtime,
00:44which occurred in 47 of 52 weeks in 2023.
00:48GM said it is monitoring the situation and assessing potential impact.
00:52For all things money, visit Benzinga.com.
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