Ford Motor Co. said Monday it is offering buyout and early retirement incentives to all of its 41,000 U.S. hourly workers to further reduce its factory work force. Spokesman Mark Truby said Ford still has too many factory workers for its current sales levels. He would not say how many workers the company wants to leave but said Ford is working that out with the United Auto Workers union. Ford has about 600 blue-collar workers laid off but available for recall. The buyout offer includes $50,000 cash plus a $25,000 car voucher or $20,000 more in cash. The retirement package includes $40,000 cash for skilled trades and $20,000 for production workers.
Horizon Air, union agree on contract
A new two-year contract between Horizon Air, a unit of Seattle-based Alaska Air Group Inc., and its flight attendants that includes a pay raise of at least 3 percent has been ratified. Seventy-eight percent of participants voted in favor, the airline and union said in a statement Monday. The contract, which covers 584 flight attendants, takes effect Jan. 17 and is amendable in December 2011. Flight attendants also will participate in the same performance-based incentive plan as dispatch and management employees.
Seattle Genetics signs deal with Glaxo
Biotechnology company Seattle Genetics Inc. said Monday it will receive $12 million upfront as it licenses its cancer-fighting technology to GlaxoSmithKline. Seattle Genetic’s antibody-drug conjugate technology is aimed at targeting and killing specific cells, including cancer cells. The company is eligible for up to $390 Million in milestone payments and royalties. Seattle Genetics said it now has more than nine licensing deals for its technology.
Walgreen 1st-quarter profit’s up on flu shots
Concerned customers got more than 5 million flu shots at Walgreen Co. stores in the fall, helping the company boost its quarterly profit by 20 percent. The company administered 5.4 million seasonal flu shots between Sept. 1 and Nov. 30, compared with 1.2 million in last year’s entire flu season, from October to February. The shots cost $24.99 at most Walgreen stores. Demand was strongest in September and October and then slowed last month, although sales could pick up over the winter.
Pay czar agrees to boost AIG exec’s pay
A top executive of American International Group Inc. has been granted a $4.3 million pay-package bump by the troubled insurance giant’s majority owner — the U.S. government — because the executive has decided to remain with AIG. The Obama administration’s pay czar approved the unnamed executive’s pay package that includes stock options with a current value of $3.26 million and an additional incentive award of up to $1 million.
Herald wire services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
