The United Auto Workers union said on Thursday workers at General Motors Co will...
DETROIT/WASHINGTON - The United Auto Workers union said on Thursday workers at General Motors Co will stay off the job while they vote on a proposed contract that delivers higher pay for full-time workers and better terms for temporary workers, but allows the automaker to close three U.S. plants.
In 2015, rank and file UAW workers at Fiat Chrysler Automobiles NV rejected the first version of a contract. This time, UAW leaders are keeping workers on strike pay of $275 a week while they decide on the tentative agreement. On Wall Street, reaction to the proposed agreement, the highlights of which the union released, has been muted. “We continue to believe that if this is ratified, it is a fairly solid outcome for GM,” RBC Capital Markets analyst Joseph Spak wrote in a note Thursday. “The financial implications of the deal don’t look too onerous.”
However, under the deal, GM will move ahead with closing Lordstown and two parts plants in Baltimore and Warren, Michigan. Workers from Lordstown on Thursday were outside GM’s Detroit headquarters, where UAW leaders were meeting, to protest the planned agreement.Timeline: UAW wrings higher pay from GM in deal to end strike, agrees to plant closings
A group of workers from the Lordstown plant stood outside the hotel ballroom where UAW leaders were meeting on Thursday, reading the UAW summary of the contract on smartphones. The Lordstown workers, some wearing red shirts with the slogan “Stop Building in Mexico,” said they were not satisfied with what they saw.
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