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NewsBreak: GM, UAW Seen Nearing Contract Agreement; Shares Climb

Published 2019-10-15, 12:54 p/m
Updated 2019-10-15, 01:16 p/m
© Reuters.

Investing.com – General Motors (NYSE:GM) shares were up more than 2% on Tuesday on reports the auto maker and the United Auto Workers are nearing agreement on a new contract that would end a 30-day-old strike.

  • The new contract is said to include wage boosts, accelerating the time required for a worker to receive full wages and a GM commitment to invest more in U.S. manufacturing facilities.

  • GM CEO Mary Barra and UAW President Gary Jones joined negotiators at a session Tuesday morning, The Wall Street Journal said. And the UAW has scheduled a meeting for Thursday morning to update local union representatives on the status of the talks, a sign of progress in the talks.

  • GM and the UAW have reached an agreement in principle after overcoming the sticking point on tentative workers becoming full-time workers, The New York Post reported.

  • GM shares have fallen more than 7% since the strike began on Sept. 13. The walkout has cost GM more than $1.5 billion, partly due to lost production of upwards of 100,000 vehicles and disruptions to a GM plan to cut costs by $4.5 billion. It's also weighed on local economies where GM has manufacturing facilities.

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