Ford (F) and the Canadian union Unifor have reached an agreement in principle an agreement just hours before a deadline that helped avert a strike in Canada, while strikers in the United States warned of further action if a deal was not reached not concluded by Friday.
KEY TO REMEMBER
- Ford and Unifor have agreed to a last-minute deal preventing a strike in Canada.
- Although details of the agreement have not been disclosed, Unifor said it was confident the agreement would lay the foundation for future beneficial agreements. for workers.
- Strikers in the United States have warned Detroit automakers Ford, GM and Stellantis that they have until midday Friday to prevent further strike action.
The three-year contract, which will cover 5,600 for workers, is subject to ratification by Unifor members before details of the agreement are released, Ford said in a statement.
“We believe this agreement will solidify the foundation on which we will continue to negotiate gains for generations of auto workers in Canada,” said Lana Payne, Unifor National President. Unifor had demanded better wages and benefits, as well as support for workers as they transition from traditional to electric vehicles.
United Auto Workers ( UAW) in the United States, striking against Ford, General Motors (GE) and Stellantis (STLA), the parent company of Chrysler, warned that Detroit automakers have until midday Friday to prevent further action of strike. The announcement follows union meetings with each of the automakers last week.
Ford shares climbed up 0.4% in premarket trading Wednesday and up 7.5% year to date.
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Source: investopedia.com