The United Auto Workers and AB Volvo-owned Mack Truck are set to resume contract negotiations on Monday as at least 3,500 hourly employees across three states continue to strike.
The United Auto Workers and AB Volvo-owned Mack Truck are set to resume contract negotiations on Monday.Workers from six factories began their strike on October 12 after the union's contract expired on October 1
"We are disappointed that the company failed to provide any substantial offer prior to the October 1st expiration date or during the subsequent meetings held during the period in which we extended the contract," UAW Secretary-Treasurer and Heavy Duty Truck Department director Ray Curry wrote in a letter to Volvo Trucks' North American labor director D. William Waters at the onset of the strike.
Volvo's Mies said Thursday that, due to the strike's effects on Mack's Hagerstown plant, production at its 1.6-million-square-foot truck facility in Virginia's New River Valley will halt beginning on Monday, resulting in the temporary layoff of roughly 3,000 employees. The Hagerstown facility produces engines, transmissions, and axles for the New River Valley factory, which is Volvo's largest truck manufacturing facility in the world.
2019 production hit its peak during the summer months, driving new vehicle inventories to all-time records, according to ACT President and Senior Analyst Kenny Vieth. By September's end, the industry had an inventory of roughly 82,500 units, according to ACT's data. "If we look at the ending inventory target for the industry towards the end of 2020, an ideal inventory would be to get down to 45,000-50,000 units," Vieth said.
Volvo CEO Martin Lundstedt said as much when the company reported third quarter results on Friday, which included an 81% decline year-over-year in North American net truck orders. Lundstedt blamed a decline in demand following elevated order levels in 2018 and said the company had reduced production volumes and would implement further adjustments in the coming quarters.
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