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Labor Issues

EWG

F

Ford's potential investor for its Saarlouis plant in Germany has halted negotiations. Ford is now looking for an alternative plan and has committed to maintaining or creating 1,000 jobs in Saarlouis.

Portfolio Pulse from Charles Gross

October 05, 2023 | 11:28 am

QURE

uniQure announced plans to reduce its workforce by 28%, not including those committed to HEMGENIX manufacturing obligations. This equates to the elimination of 114 positions, or 20% of the total workforce. The company expects to save $180M, extending its cash runway into Q2 of 2027.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 11:11 am

TRVG

trivago's CFO, Matthias Tillmann, is stepping down from his position at the end of this year. Robin Harries has been appointed as the new CFO, effective no later than April 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 10:15 am

GM

General Motors Corp.'s (NYSE:GM) Chief Technology Officer, Gil Golan, is stepping down from his position after serving for only a month. The departure is set to take effect on Nov. 1. Anirvan Coomer, the Managing Director for GM Ventures, will step in as interim CTO following Golan’s departure. In a separate development, GM has secured a new $6 billion line of credit to address potential losses associated with the ongoing expansion of the United Auto Workers union strike.

Portfolio Pulse from Shanthi Rexaline

October 05, 2023 | 9:52 am

ALV

Automotive safety systems provider Autoliv Inc plans to reduce an additional 300 indirect employees as part of its cost reduction framework. The downsizing includes employees in China, Japan, Sweden, and the U.S., and the closure of an office in the Netherlands. The company expects additional non-recurring charges in future quarters as it continues to advance its global headcount and structural cost reductions.

Portfolio Pulse from Shivani Kumaresan

October 05, 2023 | 9:51 am

ALV

Autoliv, Inc. (NYSE:ALV) has provided an update on its ongoing initiatives to reduce its global headcount, including downsizings of 300 indirect employees in China, Japan, Sweden, the United States, and the closure of an office in the Netherlands. This is part of the company's previously announced cost reduction framework. The related accruals for the 300 indirect employees are expected to be immaterial and will be accounted for in the third and fourth quarters of 2023.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 7:19 am

GIPR

Generation Income Properties, Inc. (NASDAQ:GIPR) announced that its CFO and Treasurer, Allison Davies, will be leaving the company on November 15, 2023. The company has started looking for her successor. Davies' departure is due to her desire to work closer to her residence in Jacksonville, FL. She will remain in her roles until her departure date.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 8:25 pm

GM

General Motors' newly appointed Chief Technology Officer, who was expected to lead the company's push into electric vehicles, has left the company after just one month in the role.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 7:24 pm

CZR

MGM

WYNN

The Culinary Union has scheduled negotiations this week with MGM Resorts, Caesars Entertainment, and Wynn/Encore Resorts. No strike deadline has been set with respect to the gaming companies.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 6:52 pm

MGM

WYNN

The Culinary Union announced that on September 26, a vast majority (95%) of Las Vegas hospitality workers voted to authorize a strike. MGM Resorts International and Wynn Resorts may be affected by this action.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 6:48 pm