Quad City Die Casting Workers Protest In Chicago

KWQC-6

Updated: June 11, 2009 10:18 PM

Employees of a Quad City company are in Chicago, trying to save their jobs. Eight workers from Quad City Die Casting have joined forces with employees of Republic Windows, who successfully saved their own jobs in a protest last winter.

Hare: Bank should help Die Casting stay open

By Anthony Watt, awatt@qconline.com

U.S. Rep. Phil Hare is reviewing efforts to keep a Moline manufacturer open.

Quad City Die Casting plans to close this summer because its financing was cut by Wells Fargo. On Thursday, Rep. Hare said he has spoken with Wells Fargo officials on behalf of the 60-year-old firm.

The firm, which employs about 100 people, manufactures metal parts. Company officials have declined to comment or not returned calls seeking comment.

UE members from Quad Cities Die Casting and 100 of their supporters marched on Wells Fargo Bank in Rock Island, IL on June 2. Wells Fargo, who got $25 Billion in bailout funds, cut off their line of credit to the factory, leading to the loss of 100 good-paying jobs. Workers served the bank with a notice of DEFAULT on it's obligations to the American People.

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.