TORONTO, March 22, 2012 /CNW/ - Frustrated CAW members owed approximately $500,000 in severance payments will demonstrate near King and Bay Thursday morning outside the headquarters of the private equity firm which is a secured lender to manufacturer SnowBear Limited.
The demonstration will be held at 11 a.m. Thursday, March 22 outside 77 King Street West at the Royal Trust Tower, which houses the offices of Catalyst Capital Group Inc. and its founder and managing partner Newton Glassman.
SnowBear has shut down production and gradually wound down operations since the fall, when it employed up to 200 workers. All the workers have now received layoff notices.
The CAW has been calling for a meeting with Mr. Glassman to discuss the situation, but he has so far refused to respond.
Catalyst Capital Group has billions in assets under management, according to the Financial Post Magazine. Catalyst's portfolio has included major firms including Allsteam, Canwest, Hollinger Inc, IMAX and Stelco Inc, among many others.
Jerry Dias, Assistant to the CAW President says it is unbelievable that such a rich company is hanging a small group of 40 workers out to dry on severance owed.
"A few thousand bucks might not mean a lot to guys like Mr. Glassman, but it sure does mean a lot for folks living paycheck to paycheck."
"This demonstration is intended to highlight that these workers are collectively owed a significant amount of severance, which the owners are obliged to pay," said Dias.
CAW Local 1917 represents workers at SnowBear Limited, which manufactures utility trailers and snowplows at its Guelph, Ontario plant.
The CAW is concerned that equipment will be moved out of the Guelph plant and sold now that Catalyst is moving to put SnowBear into bankruptcy. Dias said this is an attempt to avoid paying the workers severance.
The union is expecting over 100 people to attend the demonstration.
For further information:
For more information contact Jerry Dias, CAW assistant to the president, 416-315-1576, cell.