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GM, UAW Reach Late Night Deal; Chrysler Next?

Workers make modest but significant gains.

by on Sep.17, 2011

GM CEO Dan Akerson and UAW President Bob King shaking hands at the start of the latest round of contract talks, in July.

The United Auto Workers Union and General Motors said Friday they had reached agreement on a new labor contract late Friday night that includes a new profit-sharing formula and other modest gains for workers – but which also appears to promise improvements for the automaker.

Details of the settlement were being withheld, pending ratification meetings with local union leaders. The UAW’s existing contract with the GM expired Wednesday but the union was barred from striking under the terms of the $49.5 billion federal bailout of GM in 2009.

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“We are proud of this tentative agreement,” declared UAW President Bob King.

The UAW will now have to work out settlements with both Chrysler and Ford.  Talks with the latter maker were put on hold earlier in the week.  A settlement with Chrysler seemed imminent, several days ago, before a clash between union President Bob King and the maker’s CEO Sergio Marchionne became public.