Stellantis nears UAW deal after intensive talks By Reuters

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<span>© Reuters. FILE PHOTO: The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo</span><br />
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<p>By David Shepardson and Joseph White</p>
<p>(Reuters) -Chrysler parent Stellantis (NYSE:) and the United Auto Workers were nearing a deal that could be finalized as soon a Saturday to end a six-week-old strike, sources told Reuters.</p>
<p>On Wednesday, Ford Motor (NYSE:) was the first of Detroit’s Big Three car manufacturers to negotiate an agreement to settle strikes joined by 45,000 Detroit Three auto workers since mid-September. The deal will likely set a pattern for new UAW contracts with GM and Stellantis. </p>
<p>Talks between Stellantis and the UAW were set to reconvene at 10 a.m. Detroit after lengthy talks on Friday. The meeting Saturday could finalize a tentative agreement, the sources said. Talks between the UAW and General Motors (NYSE:) were continuing past 9 p.m. Friday. </p>
<p>Both GM and Stellantis have agreed to match Ford on key economic terms including the 25% wage hike, but some final crucial issues including the use of temporary workers has been one of the final issues of discussion, the sources said.</p>
<p>Stellantis has offered to build a new vehicle at a shuttered Belivdere, Ilinois factory as well as a new battery plant, a person briefed on the matter said, confirming a Bloomberg News report.</p>
<p>GM shares closed down 4.6% at $27.22. Stellantis shares closed down 2.4% at $18.04 in New York.</p>
<p>The Ford agreement, which still must be ratified by union members, includes a 25% wage hike over the life of the 4-1/2-year contract, a boost in retirement contributions, and the elimination of lower-pay tiers for workers in certain parts operations at Ford.</p>
<p>It also reduces the time to get to top pay to three years from eight, and the UAW won the right to strike over plant closures.</p>
<p>The deal amounts to total pay hikes of more than 33% when compounding and cost-of-living mechanisms are factored in, the UAW said. </p>
<p>Ford Chief Financial Officer John Lawler said on Thursday that the strike had cost the automaker $1.3 billion in earnings and 80,000 vehicles.</p>
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