Ford, UAW negotiators reach labor deal, pending union leadership approval
A tentative agreement could be announced as early as Wednesday night, pending approval of local UAW leaders, sources told CNBC.
Ford Motor and the United Auto Workers union have reached an agreement in principle on the terms of the tentative agreement. This would put an end to a strike that lasted nearly six weeks at the automaker.
As soon as Wednesday evening, the tentative agreement may be announced, subject to approval by UAW leaders.
Sources claim that the automaker and union engaged in intensive bargaining on Tuesday and Wednesday to try to reach a record-breaking agreement.
DETROIT The United Auto Workers union
Ford Motor
Sources familiar with the discussions confirmed to CNBC on Wednesday that the two sides have reached an agreement in principle regarding the terms of a proposed tentative agreement to end the nearly six-week long strike at the automaker.
According to two sources who spoke on condition of anonymity due to the sensitive nature the negotiations, a tentative agreement could be announced by Wednesday night.
A simple majority of Ford’s 57,000 workers represented by unions would need to ratify any deal.
Sources claim that the automaker and union engaged in intensive bargaining on Tuesday and Wednesday to try to reach a record-breaking agreement.
Ford spokespeople, who have been offering the best proposals among the Detroit automakers in recent weeks, refused to comment on Wednesday's negotiations, other than to state that the talks are still ongoing. A UAW spokesperson did not reply to a request for comment.
In the talks of this week, a proposal was made for wage increases that would be at least 25 percent over the course of the agreement.
Other benefits
Two sources confirmed this to CNBC.
Ford and the UAW as well as their crosstown rivals
General Motors
You can also find out more about the following:
Stellantis
Since the parties failed to agree on new contracts for 146,000 autoworkers before the deadline of Sept 14, they have been negotiating mainly around the economics.
The union began negotiations with three automakers simultaneously, breaking with recent UAW history, when leaders would negotiate with each automaker separately, choose a company on which to focus their efforts, and then model the rest of the deals after a leading tentative deal.
A tentative agreement with Ford will likely be used to negotiate with Stellantis or GM. This week, the union extended its strikes at both automakers' major plants.
Ford
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