Tags: warren buffett | union | precision | castparts

Inside Buffett's Precision Castparts, a Union Scores a Foothold

Inside Buffett's Precision Castparts, a Union Scores a Foothold
(Chip Somodevilla/Getty Images)

Monday, 25 September 2017 07:15 AM EDT

Not everyone loved Warren Buffett’s takeover of Precision Castparts.

On Friday, a group of about 100 welders at the company’s manufacturing operations in Portland, Oregon, voted 54-38 in favor of joining a union. Among the reasons they cited: a lucrative employee stock incentive program that went away after Buffett’s Berkshire Hathaway Inc. bought Precision early last year.

Unionizing is something to watch closely at Precision Castparts, where Chief Executive Officer Mark Donegan is known for a relentless focus on costs. The International Association of Machinists and Aerospace Workers told the Oregonian newspaper its success in enlisting the group of employees may help to organize more of the company’s workforce.

Click here to read more: Precision Castparts CEO is said to be brutally efficient

Precision Castparts -- now one of Berkshire’s largest companies -- has said the welders’ vote might ultimately have a broad effect on its highly integrated manufacturing operations in Portland, where the company is based. A push to unionize thousands of workers in that region failed in 2013. The welders work in the structurals business, which casts components for aircraft and other industries.

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Companies
Among the reasons they cited: a lucrative employee stock incentive program that went away after Buffett’s Berkshire Hathaway Inc. bought Precision early last year.
warren buffett, union, precision, castparts
185
2017-15-25
Monday, 25 September 2017 07:15 AM
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