The plant was profitable and well-run, but Wall Street's relentless focus on short-term earnings demanded results.

Well not so much the Unions - Sure unions does make manufacturing a lot more expensive then say a non union shop just across the street . However comparing US to China is like Apples to Oranges for one thing in China the cost of living is far lower than the US and therefore can pay people a ridiculous low rate of pay <- its sorta relative.

Now Japan and even Taiwan is already reached their limits and now is out sourcing them selfs. China middle class is raising fast and they suspect in 10 years China it self will be out sourcing as well, maybe to Malaysia or even them 3rd world African countries ?

Anyway
Getting rid of unions is not the answer - because even the non union shops cannot even come close to what over seas put out cost wise.

Bottom line
Get rid of Wall Street short term mantra is the way to go.