DETROIT (Reuters) – General Motors Co (N:) and the United Auto Workers union have reached a tentative deal for a new four-year labor deal, moving the sides closer to ending the month-long strike by about 48,000 hourly workers that had drawn the attention of U.S. President Donald Trump and potential Democratic rivals in the 2020 presidential election.
The deal is subject to approval by the union’s national GM council during its meeting on Thursday and then must still be ratified by the wider membership, the UAW said in a statement. The strike continues at least until Thursday’s meeting.
If the council approves the deal, it would decide whether to end the strike at that point or continue until the wider membership votes.
“The number one priority of the national negotiation team has been to secure a strong and fair contract that our members deserve,” UAW Vice President Terry Dittes, director of the union’s GM department, said in a statement. He said the union would not release details of the agreement until after the Thursday meeting.
GM officials did not have an immediate comment.
Shares of GM were up 2.5% at $37.18 late on Wednesday morning.
The strike began on Sept. 16, with about 48,000 hourly workers of the UAW union at GM seeking higher pay, greater job security, a bigger share of profit and protection of healthcare benefits. Other issues on the table included the fate of plants GM has indicated it may close, and the use of temporary workers.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.