RWBN Commentary: After many upward battles and high hopes that Norman Industries would be the knight in shining armor for this metal center, the end results are a deep reaching and disppointing loss. General Motors purchased this property back in 1930 and since then has had many GM names but the sign on this property now may well be "CLOSED FOR BUSINESS".
As reported by INDYSTAR.COM
Turned down by union workers Monday, Illinois businessman Justin Norman won't come back with a sweeter bid to buy GM's huge Indianapolis metal plant.
"We are withdrawing from pursuing the plant any further," JD Norman Industries announced after autoworkers voted 457-96 against a concession contract that would have cleared the way for Norman to buy the plant and cut wages by nearly half.
Although the vote marks a victory for defiant leaders of United Auto Workers
Local 23 trying to resist wage cuts, it brings a quick end to attempts to spare the old riverside landmark from a shutdown that will widen the hole in the city's industrial tax base.
Some workers apparently thought the Chicago-area manufacturer might respond with an offer for higher wages later this fall if the proposal for a pay cut of almost 50 percent was rejected Monday, said Maurice "Mo" Davison, executive director of UAW Region 3.
But the entrepreneur left no doubt he decided to walk away, Davison said, noting Norman told him Monday afternoon that his "negotiations are done" with GM and the UAW.
JD Norman Industries, based in Addison, Ill., had emerged as the only potential buyer after GM said it would close the 80-year-old plant to shed excess capacity if no sale took place.
Marion County receives about $1.8 million in property taxes per year from the underused plant, which carries an annual payroll of about $40 million for 650 production workers and more than 50 salaried workers. The 2.1 million-square-foot plant once employed more than 6,000 workers. The plant is owned by Motors Liquidation Co., which GM set up during its 2009 bankruptcy to take over discarded property.
Indiana state officials had offered Norman Industries $2 million in tax incentives if it managed to create a promised 1,900 new jobs at the lower wage rate.
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swenbwrSent from my iPhone
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