Delphi Struggles
July 12th, 2006 by admin
Delphi’s future looks bleak
Sometimes in the auto world and in the business world, bad news is always delayed and that happens to be the case with Delphi Corp. Delphi has been delaying their annual report for months, however, when the report finally dropped Tuesday, their total loss for 2005 was 4.8 billion.
That’s a magnificent number. Not too many companies can pull that off and still be around to talk about it.
Delphi has been wrestling with unions and General Motors Corp over the past year about how to cut costs. It seems as though they failed.
About 12,600 Delphi and 35,000 GM workers already have agreed to leave their plants, giving Delphi, GM and their unions more flexibility in creating a cost-cutting plan of wage and benefit reductions without the threat of a damaging strike.
So far, Delphi is still promising to meet all pension plans, and let’s hope they do keep that promise, especially since the CEO still made 3.75 million last year and Rodney O’Neal, the president, made 2.1 million
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Posted on Wednesday, July 12th, 2006 at 5:14 am
In Auto Warranty