Today, U.S. Sen. Tammy Baldwin called on CNH Industrial to reverse course in laying off hundreds of Wisconsin workers and moving jobs to Mexico despite the company posting record profits, engaging in stock buybacks, and paying the CEO nearly 350 times more than the average union worker in Racine.
CNH Industrial announced that the layoffs are a part of a broader company-wide reorganization, intended to reduce costs by $150 million; however, the burden of the cost savings falls almost entirely on the unionized workforce. CNH spent $652 million on stock buybacks last year, or four times more than the $150 million the company hopes to save by reducing its workforce.
The announced layoffs come after over 1,000 CNH Industrial workers in Iowa and Wisconsin went on strike for a better contract for more than 260 days in 2022–2023. CNH and its workers reached an agreement in January 2023.
A full version of Baldwin’s letter is available here.
