GM Strike Ending
According to various news sources and UAW spokesperson, the union and General Motors have come to a tentative agreement after a five week strike.
Details as they become available.
SA Contract Analysis:
The new contract reportedly agreed to by General Motors (NYSE:GM) and the UAW will see the automaker investing $7.7B into U.S. factories and cover more than 46,000 UAW-represented works at dozens of plants, the WSJ reports.
That investment would create or preserve about 9,000 jobs.
It's also joining with outside companies to invest about $1.3B near the plant in Lordstown, Ohio, which GM hopes to sell to a start-up electric truck maker, according to the report. That would create another 1,000 jobs, including those to make battery cells for electric cars.
Electrification of autos has been a behind-the-scenes factor in negotiations, as GM has come off a profitable period but is getting ready for a potential sales slowdown along with investments in electric and self-driving cars.
The four-year deal also reportedly has 3% wage increases in two years and 4% bonus payments in the other two years, along with a route for temps to become full-time, no change in workers' health-care contributions, and better new-hire pay.
For its part, GM will move forward with plans to close or sell three idled factories.
GM - "We can confirm the UAW’s statement regarding a proposed tentative agreement. Additional details will be provided at the appropriate time."