A Knight With Thick Armor For Ibm

Last October, 50 United Auto Workers noisily picketed outside the gates of Charles F. Knight's tony suburban St. Louis residence. The Emerson Electric Co. chairman is no friend of organized labor: He ties 10% of his division managers' bonuses to keeping their plants union-free. But the UAW singled out Knight because he is a director of Caterpillar Inc., which the union wanted to pressure into reopening contract negotiations. The tactic failed: Neither Knight nor Caterpillar has budged from the company's last offer, and talks remain at an impasse.

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