Ford, UAW Reach Tentative Contract Agreement

(RTTNews) - Ford Motor Co. (F) and the United Auto Workers union have reached a proposed tentative agreement on a four-year contract Wednesday without a strike.

The proposed agreement includes more than $6 billion in major product investments in American facilities and the creation or retention of more than 8,500 U.S. Jobs, the UAW said in a statement.

"Out of respect for our members, we will refrain from commenting or releasing full details of the agreement until the UAW-Ford Council leaders meet and review the details," said UAW Vice President Rory Gamble, Director of the Ford Department.

The UAW-Ford National Council will meet to go over details of the proposed Tentative Agreement. If adopted as a Tentative Agreement, it will go to all Ford hourly and salary members for a ratification vote, UAW said.

Last week, the United Auto Workers at General Motors ended a six-week strike against General Motors after union members approved a four-year contract, ending the longest automotive strike in 50 years.

The GM's new deal gives workers 3% wage increases or 4% lump sum payments in each of the four years of the contract. It has retained health care coverage for the workers. GM's regular employees will receive an $11,000 signing bonus, and its temporary employees will get $4,500.

The UAW, if the deal with Ford is approved, would next turn its attention to Fiat Chrysler.