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Membership topped 1.5 million in 1979, falling to 540,000 in 2006. With the late-2000s recession and automotive industry crisis of 2008–10, GM and Chrysler filed for Chapter 11 reorganization. Membership fell to 390,000 active members in 2010, with more than 600,000 retired members covered by pension and medical care plans. [citation needed]
The UAW had been offered 50% and 40% stakes in the new Chrysler and GM, respectively, while the bondholders would have received 33 cents on the U.S. dollar for Chrysler and 10% of the new GM (an analyst stated that the GM offer would be projected to recover 24 cents on the dollar). [34]
The Chrysler company was founded by Walter Chrysler on June 6, 1925, [12] [13] when the Maxwell Motor Company (est. 1904) was re-organized into the Chrysler Corporation. [14] [15] The company was headquartered in the Detroit enclave of Highland Park, [16] [17] [18] where it remained until completing the move to its present Auburn Hills location in 1996.
The Chrysler Comprehensive Compensation System (commonly referred to as "C3") was a project in the Chrysler Corporation to replace several payroll applications with a single system. The new system was built using Smalltalk and GemStone .
Chrysler sold its equity stake to Mitsubishi in 1993, and Diamond-Star Motors was renamed Mitsubishi Motors Manufacturing America (MMMA) on July 1, 1995. [3] Despite the departure, the two companies have maintained various co-operative manufacturing agreements since and considered all vehicle produced until 1995 [ 9 ] as Diamond Star Motors.
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Reuther's Treaty of Detroit was a five-year contract negotiated by trade union president Walter Reuther between the United Auto Workers (UAW) and General Motors in 1950. The UAW reached similar deals with the other members of the Big Three automakers, Ford Motor Company and Chrysler.
Significantly, Chrysler excluded employees of the Kenosha plant from its 2 February 2009 buyout offer for hourly workers. In May 2009, approximately 800 workers were employed at the plant. On 1 May 2009, Chrysler announced that the Kenosha Engine plant was to close by the end of 2010 due to Chrysler's bankruptcy and restructuring plan.