Toronto, Ontario — In this weekly Tuesday Ticker, Unifor holds a strike vote for its 18,000 auto workers, while Driven Brands plans a share repurchase.
Uh oh, Unifor could strike
Unifor union members have voted to strike if they cannot reach an agreement with the Detroit Three—Ford, Stellantis and General Motors—before 11:59 p.m. on Sept. 18.
The two sides first opened 2023 negotiations on Aug. 10 in Toronto.
This past weekend, Unifor paused negotiations to hold strike votes. Ford workers voted 98.9 percent in favour of a strike; GM workers voted 99 percent in favour and Stellantis workers were 98.1. percent in favour.
National Unifor President Lana Payne said its members have “high expectations” for the contract talks.
“Make no mistake, our union is fully prepared to take any and all necessary action to achieve our collective bargaining,” said Payne.
Driven’s repurchase
Driven Brands is repurchasing up to US$50 million of its shares, funded via a combination of cash on hand, cash flow from operations and a revolving line of credit.
The shares will be purchased through Mar. 31, 2025, said the company. There is no guarantee as to the exact number of shares, if any, that may be repurchased by Driven Brands.
“This share repurchase authorization reflects our confidence in the business and our commitment to enhancing shareholder returns while we continue to invest in our growth initiatives,” said Jonathan Fitzpatrick, President and Chief Executive Officer.
In the past month, shares of Driven Brands have dropped 43.40 percent, following the announcement that Holzer & Holzer launched an investigation as to whether the company complied with federal securities laws.
As of Monday at 2:30 p.m., shares of Driven Brands US$14.62.
