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BrianLaws
Site Admin
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Joined: 02 Sep 2006
Posts: 1407
Location: Local 1268 BAP Grp 9 Team 5
Posted: Wed Sep 03, 2008 3:35 am    Post subject: Plastech CEO to get almost $10 million from sale
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Quote:
Plastech CEO to get almost $10 million from sale
$1 million will go to salaried staff.

Shefferly also approved $1 million in bonuses to be paid to several of Plastech's salaried workers, a bonus plan that Plastech's executives and advisers said was necessary to ensure the company could build parts and keep the asset sales on track.

Plastech is selling its interiors business to a joint venture between a group of Plastech's lenders and Johnson Controls Inc. Another joint venture between the same lender group and Magna International plans to purchase Plastech's exteriors business. The sales come five months after Plastech filed for Chapter 11.


http://www.freep.com/apps/pbcs.dll/article?AID=/20080627/BUSINESS01/806270384
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lhwusa
Valued Member
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Joined: 05 Feb 2008
Posts: 49
Posted: Wed Sep 03, 2008 3:50 am    Post subject:
· Quote
NICE!!!!!!! 7 months ago they didn't have any money to make parts and shut us down, now look.  Oh and i seem to remember Chrysler was the bad guy for wanting their molds back. Maybe Chrysler should bring everything back in house and make all that money their severance pay.
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nvguaw
Member
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Joined: 18 Feb 2008
Posts: 17
Location: syracuse, ny
Posted: Wed Sep 03, 2008 2:05 pm    Post subject: Plastech sale
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Mad Another company Magna will purchase so that they can move more production out of the United States.
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