Chrysler Group Enters Into Agreement with UAW to Make Contributions to VEBA Trust and Pays a Special Distribution - KOTA Territory News

Chrysler Group Enters Into Agreement with UAW to Make Contributions to VEBA Trust and Pays a Special Distribution

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Chrysler Group LLC

AUBURN HILLS, Mich., Jan. 21, 2014 /PRNewswire/ -- As previously announced, Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the "UAW") have entered into a memorandum of understanding to supplement Chrysler Group's existing collective bargaining  agreement.  Under the MoU, Chrysler Group will provide additional contributions to the VEBA Trust of an aggregate of $700 million in four equal annual installments.  Chrysler Group made the initial payment today contemporaneously with the closing of a transaction between a wholly-owned subsidiary of Fiat and the VEBA Trust in which Chrysler Group became a wholly owned subsidiary of Fiat.

Additionally, Chrysler Group paid a special distribution to its members in an aggregate amount of $1,900 million.1

For more information on Fiat's acquisition of the remaining equity interests in Chrysler Group from the VEBA Trust, please visit: http://www.fiatspa.com/en-US/Pages/home.aspx.  

Additional information and news from Chrysler Group LLC is available at http://www.media.chrysler.com.

1 FNA's portion of the special distribution was paid to the VEBA Trust as part of the purchase consideration for its acquisition of the VEBA Trust's equity interest in Chrysler Group.

©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow

518 St. Joseph St.
Rapid City, SD 57701

Telephone: 605.342.2000
Fax: 605.342.7305

Couldn't find what you were looking for?
Powered by WorldNow
All content © Copyright 2000 - WorldNow and KOTA. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.