CUPE Local 1114 workers are claiming victory after city councillors in Sherbrooke announced last week that they had shelved plans to sell their local hydro utility to Hydro Qub0065c.
The sell-off would have netted the city some $225 million, but would have cost residents more in the long run in property taxes, and it might have cost the jobs of some of the local’s 150 members.
A city council-commissioned study by Merril Lynch showed that the loss of revenue to the city would eat up any money gained by selling the profitable utility after 12 years.
CUPE Local 1114 president Marc-Andr 0043t0020told a Sherbrooke paper, “In the end, they came to the right conclusion but the way they did it left a lot to be desired.”
“For two weeks [Sherbrooke mayor] Perrault denied that the city had solicited an offer from Hydro Qub0065c and that talks were going on. That does nothing to improve our members’ confidence in their employer.”