Uaw Strike Tentative Agreement

GM confirmed that an agreement had been proposed and did not provide further details. GM`s stock rose 13.m a day after falling 10% during the strike. Share prices had recovered in recent days as expectations for comparison rose. During the first days of the work stoppage, strikers in several locations temporarily occupied non-unionized workers, including GM employees and employees with contractors employed in empty strike plants. While the teamsters honored the UAW`s strike lines and said they would not provide finished vehicles to dealers, non-teamster truckers were doing the work in the premises and outside the strikers. Many suppliers started a few days after the strike with temporary layoffs, and GM`s plants in Canada and one Ohio plant, represented by an electricians` union and not the UAW, were shut down because they had only a few parts. The proposed interim agreement will be discussed Thursday by the National Council, nearly 200 union leaders who meet in Detroit at 10.30 .m Thursday. If they agree, an interim agreement will be formally submitted to the ratification of GM staff represented by the UAW. Once the UAW is a member of GM, the union will turn to either Ford Motor Co.

or fiat Chrysler Automobiles NV. The UAW generally tries to use the first contract as a model for others. The union renewed its contracts with Ford and Fiat Chrysler on September 13 to focus on GM. The agreement has not yet been reached. GM`s national board of the union will decide at a meeting On Thursday whether to accept the deal. Then UAW members will vote on GM`s agreement. The strike will continue at least until Thursday`s meeting, the UAW said in a statement. GM confirmed in a statement that the proposed interim agreement had been reached and that “additional details will be provided in due course.” The company`s shares closed up 1.1% on Wednesday, while major market indexes were down.

GM shares have fallen nearly 6% since September 13 before the strike began. General Motors Strike: “We must fight for what is right” Analysts at Bank of America Merrill Lynch estimate that the strike cost GM about $2 billion in revenue and that its striking workers may have lost $2,000 in profit-sharing and up to $4,000 in Take Home wages. The exit also becomes a national policy issue that emerged during Tuesday night`s Democratic presidential debate in Ohio, which lost thousands of auto industry jobs. Teamsters said they would honor UAW pickets and would not provide pre-strike vehicles to dealers, but GM used non-teamster truckers to move vehicles out of factories, sometimes leading to picket lines. The union responded the next day that GM could have avoided a strike if it had not “waited only two hours before the contract expired to make what we consider to be the first serious offer.” Auto workers .m work at 12:01 p.m. On September 16, the union`s first national strike began in 12 years.

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