Our Fight Against Wells Fargo

Quad City Die Casting has been in business in Moline, Illinois for 60 years. Locally owned by the Debrey family, the company is a quality leader in their industry. They employ over 100 people, 80 of whom are union workers and members of UE Local 1174. The average union wage in the factory is $14.50, the most senior worker has been at the company for 35 years.

They make aluminum die casted (molded) products like escalator stairs, parts for farm equipment and motor parts for recreational vehicles. Some of their customers include Case New Holland and Kawasaki Motors.

On May 11, 2009 workers learned that Wells Fargo Bank had decided to no longer offer financing and that the business would be closing in July. As a result of the loss of financing, the business was forced to enter into an Assignment for the Benefit of the Creditors (a do it yourself foreclosure) and the assets have been turned over to a trustee who is responsible to the creditors, the primary creditor being Wells Fargo.

Workers have been told that they would not receive the vacation pay they have earned unless money remains after all secured debts are paid.

The business has a viable future if they receive financing. The company was turning a profit in the fall of 2008, but then sales dropped due to the downturn in the economy. They have not lost any customers – they simply have a lower volume of parts being ordered. With financing they can survive this financial recession and continue to employ over 100 people.

The UE is seeking a commitment from Wells Fargo to keep the company operating while a buyer is found.