Fiat Chrysler, UAW Reach Tentative New Labor Pact, Both Sides Say

[Purveyor]

Source: Reuters

September 15, 2015 6:58 PM EDT

DETROIT (Reuters) - Fiat Chrysler Automobiles and the United Auto Workers union reached a tentative agreement for a new labor contract for the company's 40,000 unionized workers in the United States on Tuesday, the union and the company said.

The deal, which must now go before Fiat Chrysler Automobiles (NYSE: FCAU) unionized workers for ratification, ends the threat of a strike that could have crippled production of the Italian-American automaker's most profitable vehicles.

The proposed pact was agreed by negotiators who worked through most of the night into Tuesday afternoon after the old four-year contract was extended beyond its expiration on an "hour by hour" basis.

FCA Chief Executive Sergio Marchionne and UAW President Dennis Williams will hold a press conference later on Tuesday.

Read more: http://www.streetinsider.com/Reuters/Fiat+Chrysler,+UAW+reach+tentative+new+labor+pact,+both+sides+say/10895036.html

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[safeinOhio]

1. 43 years in the UAW

and this may be the fastest one yet. Remember standing in the cold, huddled around the burn barrels. So happy for them.

[Omaha Steve]

2. Solidarity

K&R!

OS

[JustABozoOnThisBus]

3. Maybe too fast

Need to see details, but it's hard to believe the issues were all settled this fast, or even addressed. The big one seems to be the two-tiered wage scale that was established after the "fake" bankruptcies. That has to grind on all the lower-tier workers, and many of the upper-tier, especially the ones who believe in Solidarity.