Chrysler factory workers to get $1,500 profit-sharing checks
By ASSOCIATED PRESS February 2, 2012 10:30AM
Updated: February 2, 2012 10:40AM
DETROIT — Factory workers at Chrysler are getting $1,500 profit-sharing checks next month, a sign the automaker’s turnaround is succeeding.
About 26,000 union-represented workers in the U.S. should get the payments, according to Chrysler’s contract with the United Auto Workers union. The profit-sharing figure is based on an Associated Press analysis of company earnings, and the labor contract formula for profit-sharing.
Chrysler would not say how much the workers will get. But the formula in its new four-year contract with the UAW shows that the checks will be about $1,500. The checks are based on Chrysler’s $2 billion operating profit for 2011, reported on Wednesday.
Chrysler reported full-year net income of $183 million, its first since 1997.