UAW President Says GE Aerospace Not Settling The Strike At Ohio Plant Is ‘Financially Reckless’: Report

United Auto Workers (UAW) President Shaun Fain on Thursday said GE Aerospace (GE) not ending the strike at the company’s Ohio facility is “financially reckless.”

In an interview with CNBC, Fain said the striking workers were not asking to be made millionaires. “All they’re asking is for their fair share of profits that their work generates,” he said.

GE’s shares gained 0.27% in Thursday’s pre-market trade. Retail sentiment on Stocktwits around the company trended in the ‘bearish’ territory.

“GE made $17 billion in profits over the last three years. From 2022 to 2024, our deal would be less than 1% of their profits in 2024 alone. And you talk about the $17 billion in profits, of that $17 billion, they paid out over that same time frame, $16.3 billion to shareholders in dividends and buybacks,” Fain added.

He also pointed out that GE’s CEO H. Lawrence Culp, Jr. received a 985% increase to $89 million this year. Fain criticized GE’s offer, noting that it would result in an 18% increase in the healthcare premiums of the striking workers. He said this increase could be eliminated with $4 million. GE said in a statement to CNBC earlier that it is “proud” of the offer it made to striking workers at its Ohio plant.

“GE is recklessly putting its business in jeopardy. Half of GE Aerospace’s business is servicing engines they’ve already sold. I challenge anyone to look me in the eye and tell me that GE can’t afford $4 million to eliminate healthcare premiums, when they can pay $16.3 billion in dividends and buybacks,” Fain said.

GE stock is up 65% year-to-date and 68% over the past 12 months.

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