You're watching...
United Steelworkers Local 10-1 president Jim Savage on Carlyle Group taking over Sunoco's Philadelphia oil refinery.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Nice to -- -- expect that it.
Are at the Sunoco oil refinery in Philadelphia up and 850.
Union jobs save this week.
By a private equity firm you know the bad guys here's -- they the governor Tom Corbett on saving those jobs.
-- -- it means jobs.
-- a continuation of the jobs that are here are 850 jobs save those jobs for the short term for now.
The build on what they've saved you create thousands of jobs down the road.
Jim savage is president of the united steelworkers local 101 he represents those refinery workers.
Has been fighting to keep those jobs thanks for joining us Jim -- -- you know up.
Unions have almost shut down -- this twinkies maker by not granting concessions and stop in California just file bankruptcy because unions there.
Wouldn't grant concessions.
But you guys it seems like we're willing to go ahead and play a little ball to save those jobs you're switching from retirement to 401K.
And you're keeping your raises -- only two and a half percent the first hear how important where your concessions to keeping this plant alive.
It's not exactly accurate.
On the concession piece of resolve we had a 401K that the published on a much but we also have a cash option retirement plan which is the same.
Father replicates the plan that we had under -- we gave them flexibility where they needed it they came to us with a vision for this refinery.
That that we believed then that two and a half percent raise in the first year matches all the -- farmers in this country -- we got exactly what everybody else got.
They treated us with respect and dignity at the table in.
And if the situation where -- quite frankly they didn't have to we appreciated that.
We gave them flexibility where they needed it and this community is one about a foot -- -- you know we've heard a lot of.
Rhetoric in the campaign.
Against private equity firms -- they just wanna.
By a company in load up with debt and suck it dry and yet you don't make a whole lot of money if you do that you guys have worked with Carlyle the buy -- firm involved here you've you've worked with a previously.
Not my local but the steelworkers in court I'll have.
Very good relationship historically they've worked together on.
Carlyle has a history of investing in businesses and -- a little -- load -- -- what a bunch of that in.
And leave us with a pocket for money -- -- devastation in the wake which some people -- if they had come Lewis -- -- like that we would have had a different.
Past couple weeks or months you know that they came to us whether with a true vision to build and grow this refinery.
What golf in a situation of time -- you told.
We were Dead Man Walking to be a real we're hopeful -- our future -- put -- a workable -- Yeah and also the state of up.
The state is actually offering 25 million dollars in aid and I -- -- -- Carlyle did have to pay any thing to take two thirds ownership.
Of this entire site right but cycle so there's gonna stay in there why do you think car models will be -- their one sonoco greatest shut everything down.
Our.
As I think that that proves that that people you know people have different opinions of of things local spent ten months saying that you can't make money refining on the East Coast and then -- Basically gave away a very valuable asset for a percentage of future profits right so what's upside.
The cause is somebody else -- looked -- this assault viable refinery with a world class workforce and an opportunity and make money we're gonna help and though we can't wait to see an -- and we hope -- pays off for sonoco of the until because that means Walsh left.
That's one of those rare good news stories thank you so much Jim savage united steelworkers of being let us good.
