Agreement reached

[Bruce Nunnally]

At 4 AM the GM/UAW negotiators reached an agreement. Still has to be accepted by the membership, but sounds like good news.

"There's no question this was one of the most complex and difficult bargaining sessions in the history of the GM/UAW relationship," GM CEO Rick Wagoner said in a prepared statement released just after 4 a.m.

"This agreement helps us close the fundamental competitive gaps that exist in our business," Wagoner said. "The projected competitive improvements in this agreement will allow us to maintain a strong manufacturing presence in the United States along with significant future investments."

UAW Local 652 represents workers at the Cadillac factory at Lansing Grand River.

Tenative Agreement Reached

Early this morning UAW and GM negotiators have reached a tentative agreement. At this time no specific details about the contract are known. Union leaders will meet within the next few days to get this information to distribute to our membership. A ratification vote will be held soon thereafter.

All afternoon shift GM employees – production and skilled trades- are to report to work at their normal starting time on Wednesday, September 26, 2007.

There is an interesting write-up on the history of Local 652 here: http://www.uawlocal652.org/Page/History.html

[JimD]

This news is part of the reason the DJIA was up at the open this morning. GM up 6% at the open of trading.