General Motors climbs after agreeing to tentative labor deal with UAW that could end month-long strike (GM)

UAW strike

  • Shares of General
    Motors
    climbed as much as 2.5% Wednesday on the
    announcement
    of a proposed tentative labor contract with the
    United Auto Workers union. 
  • The UAW said in a press release emailed to Markets
    Insider on Wednesday that the union sent a proposed deal to the UAW
    GM National Council for approval. 
  • Details of the deal were not released, but UAW said it
    represents “major wins” for workers. 
  • The announcement follows weeks of striking by 48,000 GM
    workers that has sent shares of the company sliding close to 5%
    over the last month. 
  • Watch GM
    trade live on Markets Insider.

General Motors’ stock price rose as much as 2.5% Wednesday after
the United Auto Workers labor union
announced
the two parties agreed on a tentative labor contract
that could end a month-long strike. 

The UAW said in a press release emailed to Markets Insider that
a proposed contract has been sent to the UAW GM National Council
for approval. According to the release, the council will meet
privately on October 17 to vote on the proposal. 

No details of the contract were announced, except that it
represents “major gains” for UAW workers, the union said in the
release. 

“The number one priority of the national negotiation team has
been to secure a strong and fair contract that our members
deserve,” UAW Vice President Terry Dittes said in a
statement. 

He continued: “Out of respect for our members, we will refrain
from commenting on the details until the UAW GM leaders gather
together and receive all details.”

The announcement comes on the back of a more than month-long
strike by 48,000 GM workers. The automaker’s
share price
has fallen almost 5% since the strike began in
mid-September. 

The strike started due to disagreements over pay, healthcare
costs, and the company’s use of temporary workers. It’s also the
largest employee walkout in the auto industry in more than a
decade. 

Shares of GM are up more than 10% year-to-date. 

Read more: BlackRock’s bond chief oversees $1.7
trillion and sleeps only 4 hours a night. He outlines his 2
favorite opportunities in a market being reshaped by tech and
shifting demographics.


GM stock


Join the conversation about this story »

NOW WATCH:
Here’s what airlines legally owe you if you’re bumped off a
flight

Source: FS – All – Economy – News
General Motors climbs after agreeing to tentative labor deal with UAW that could end month-long strike (GM)