The members of UE Local 1174 are telling Wells Fargo & Co. not to put their plant out of business. Today they are visiting Wells Fargo’s corporate offices in Davenport, Iowa, demanding a meeting with bank officials and a plan to keep Quad City Die Casting open.
Quad City Die Casting is a manufacturer of metal die cast products located in Moline, Illinois. Like most small businesses the comany needs credit for day-to-day operations. But Wells Fargo, which received $25 billion in federal bailout funds, is now refusing to extend that credit. As a result, a viable employer of 60 years is likely to be liquidated.
A plant closing has been announced for July 12 which would put over 100 people out of work. The plant's 80 production and maintenance workers are members of UE Local 1174.
“Small businesses need credit to keep going during these tough times. Wells Fargo got bailed out with billions of taxpayer dollars. We demand that the bank not sell us out,” said die cast technician and UE Local 1174 President Keith Scribner.
The union is demanding that Wells Fargo keep the business going until a new buyer can be found that will continue operating the plant. Wells Fargo is the second largest bank in the U.S. as measured by market capitalization.
“They say the banks are too big to fail, but what about us? Aren’t our families too important to fail?” said plant worker Deborah Johann.
The members of Local 1174 have been inspired in their fight by UE Local 1110 in Chicago, whose members occupied the Republic Windows and Doors factory for six days in December after banks cut off credit and forced the plant to close. Wells Fargo is also facing scrutiny and union opposition for shutting off credit to clothing manufacturer Hartmarx, maker of Hart Schaffner Marx and Hickey Freeman men's suits, threatening to liquidate that company and put all its employees out of work.