Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

UAW reaches agreement with Ford over local Kentucky plant contract

Published 02/21/2024, 09:55 AM
Updated 02/21/2024, 11:01 AM
© Reuters. United Auto Workers (UAW) union members picket outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023.  REUTERS/Luke Sharrett
F
-

(Reuters) -The United Auto Workers (UAW) said on Wednesday it had reached an agreement with Ford Motor (NYSE:F) Co over a local contract covering workers at the automaker's Kentucky truck plant, averting a strike.

The union said last week its members at the plant, which has 9,251 employees and builds Ford's most profitable F-series trucks among other vehicles, would go on strike this week if local contract issues were not resolved.

The new contract addresses issues related to skilled trades and health and safety of workers, among others.

It is separate from the agreements the Detroit Three automakers - Ford, General Motors (NYSE:GM) and Stellantis (NYSE:STLA) - signed with the United Auto Workers (UAW) last year to deliver record wage hikes to about 150,000 members.

In addition to national contracts, the union also negotiates local agreements around plant-specific issues at each facility.

Ford confirmed the new contract and said it was "pleased to have reached a tentative agreement on a new labor contract with UAW Local 862 covering Kentucky Truck Plant and 8,700 valued UAW-Ford employees."

© Reuters. United Auto Workers (UAW) union members picket outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023.  REUTERS/Luke Sharrett

The agreement comes on the heels of Ford trying to pivot from its EV shift and ramp up production of its higher-margin hybrid and gas-powered models.

The Kentucky plant generates about $25 billion in annual revenue, accounting for about a sixth of the Detroit automaker's global automotive revenue.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.