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CNH INDUSTRIAL CEO SCOTT WINE COMMENTS ON WORKERS STRIKE
Farm Equipment magazine reports:

During CNH Industrial's 1Q22 earnings call on May 3, CEO Scott Wine stated that, after several weeks of negotiating with United Auto Workers (UAW), when the previous labor contract expired, "we remained very far apart on important issues."

"The union's decision to strike was disappointing," said Wine. "We had several weeks of constructive dialogue, but when the contract expired, we remain very far apart on some important issues.

"The very nature and purpose of a strike is to disrupt our business and create concern amongst our customers. Despite that intent, CNH Industrial is committed to reaching an agreement with United Auto Workers."

Wine stated the company was willing to meet the union at the bargaining table "at any time" and intended to continue operations through a contingency plan "that should minimize the impact on our operations."

When asked during the Q&A portion of the call if the company's projected increase in production levels was contingent on the strike ending, Wine said declined to confirm if it was, stating the following:

"The strike is very unfortunate, but we knew it was a possibility. And it's very unfortunate. We certainly want to get our team in Racine and Burlington back as quickly as we can. But we built our plan so that we can operate. And really, it's 2 of our 38 plants. It's overall, I think, well below 10% of our global production. And we are continuing to operate the plant. I would not say the forecast we just provided was contingent upon any aspect there. We plan for higher labor costs. We knew there was labor risk, and we planned for those contingencies, and we'll continue to work as quickly as we can towards a negotiated settlement that's beneficial of all parties."


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