The union representing workers locked out of a Caterpillar locomotive plant in London, Ont., is taking the fight to Caterpillar's customers on the day the company posted record profits and revenue.
The Canadian Auto Workers announced Thursday morning they will be picketing in front of a dozen Caterpillar dealerships and service centres in an effort to raise awareness about the nearly month-long lockout of workers at the Electro-Motive plant in London.
Caterpillar reported a 36 per cent increase in after-tax profit for both the fourth quarter of 2011 and the full year 2011. Revenues for the year increased four per cent to $2.65 billion.
Despite the record profits, the company is pressuring its employees at the London locomotive plant to accept a pay cut from $32 per hour to $16.50. Caterpillar locked out the workers on Jan. 1 after union members rejected the pay cut.
"This is all about greed," says Bob Scott, union plant chair at Electro-Motive. "How are workers supposed to go back to earning wages last paid nearly 25 years ago, while the company is richer than ever?"
The CAW notes that the latest compensation package for Caterpillar CEO Doug Oberhelman was worth $10.5 million, "twice what he received the year before."
The conflict in London is beginning to gain attention, with many observers growing increasingly alarmed about what massive pay cuts at highly profitable companies could mean for the future of the economy.
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