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Article: Fiat CEO: Either union makes cuts or we're out.(Business)
- Article from:
- Daily Herald (Arlington Heights, IL)
- Article date:
- April 16, 2009
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Byline: Colleen Barry Associated Press
MILAN Automaker Fiat Group SpA will walk away from a deal to take a 20-percent stake in Chrysler LLC if the U.S. automakers unions dont agree to major cost cuts, Fiat CEO Sergio Marchionne said in an interview published Wednesday.
Fiat and Chrysler are up against an April 30 deadline for Fiat to take a stake in the failing U.S. automaker in exchange for small car technology, but Chrysler first needs concessions from creditors and unions to ink the Fiat deal.
The Canadian Auto Workers union is scheduled to resume negotiations with Chrysler on Monday after a two-week hiatus, CAW President Ken Lewenza said.