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Showing blog posts tagged with profit

Crystal Sugar Shareholders Paid 25% Less Since Lockout

When American Crystal Sugar Co. locked out 1,300 workers from five plants in August 2011 because they wouldn't accept a contract that included significant increases to their health care costs and major changes to job security, the company replaced the highly skilled workers (click to enlarge image).

As a result, productivity has plummeted and American Crystal shareholders are losing money. Another sugar beet processing company, Minn-Dak, paid its shareholders roughly the same in 2010 as did American Crystal. But when replacement workers stepped in, American Crystal Sugar's shareholders received $59 a ton—and Minn-Dak's got an estimated $75.05. That's 25 percent less for American Crystal shareholders in fiscal 2011.

Two words describe such management: Really dumb.

Tell American Crystal CEO Dave Berg to stop wasting shareholders’ money and go back to the bargaining table.

Help locked-out American Crystal workers. Please donate to the BCTGM Lockout Action Fund, care of the Minnesota AFL-CIO, 175 Aurora Ave., St. Paul, MN 55103.

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Crystal Sugar Workers Offer Company 'Ready to Work' Plan

When a company locks out skilled employees and replaces its entire workforce with inexperienced new hires, here’s what happens: productivity plunges and profits tank.

Losing money is not a wise corporate strategy. Yet, unless American Crystal Sugar Co. agrees to return to contract negotiations with the 1,300 workers the company locked out a year ago, the company is on course to repeat its sorry fiscal 2012 performance. After the company replaced all its seasoned employees, production costs increased by 23 percent and payments to its shareholders lagged behind the rest of the industry, which saw their shareholder payments increase. That followed a year in which Crystal Sugar was hugely profitable, with $1.5 billion in net earnings.

(Sign a petition calling on American Crystal Sugar CEO Dave Berg to treat workers fairly and return to the bargaining table.)

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Apple’s Profit Skyrockets, Workers Die at Its Factories

Hours after Apple released its first quarter earnings, which showed a mind-blowing 44.7 percent profit, The New York Times published another in a series of articles illustrating some of the reasons behind Apple’s profit margin. Describing the conditions in which Chinese workers assemble iPhones, iPads and a panoply of Apple products, the report states:

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