Suddenly, Ford's future is in doubt again
Two weeks ago we reported about a great deal that Ford had reached with the leaders of the United Auto Workers' union (UAW). It gave Ford the green light for a cost-cutting exercise similar to one that GM and Chrysler managed only after going into Government-sponsored bankruptcy. Turns out the cork was popped too early. The UAW leadership understood that they will have not much choice, but their members decided that suicide is a better option. It started with local union in Louisville, Kentucky, where 84% voted to reject changes, claiming that the managers' sacrifice was not enough, then continued at Dearborn, Michigan where rejection was at a full 93%. Others followed quickly and emphatically. With the agreement truly dead now, the future of Ford's restructuring – and its future – is looking dubious again.