June 25, 2024

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Stellantis, union negotiators agree to terms of a deal

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United Auto Workers members rally outside Stellantis’ Ram 1500 plant in Sterling Heights, Mich. after the union called a strike at the plant on Oct. 23, 2023.

Michael Wayland / CNBC

DETROIT — Negotiators with the United Auto Workers union and Stellantis have in principle agreed to the terms of a tentative deal following roughly six weeks of targeted U.S. labor strikes by the union, according to sources briefed on the talks.

The terms of the deal must still be approved by UAW leadership before the union plans to officially brief local union leaders and then publicly announce the tentative agreement on Saturday, according to three sources who agreed to speak on the condition of anonymity because the talks are private.

The tentative agreement, which would still need to be approved by union leaders and ratified by members, is patterned off a 4½-year agreement reached between the union and Ford Motor on Wednesday, sources previously told CNBC.

UAW President Shawn Fain was with Stellantis in intense talks Thursday and Friday before turning his attention to General Motors. UAW and GM are expected to resume talks midday Saturday in hopes of also reaching a deal, according to a source familiar with the talks.

The UAW plans to hold a meeting early Saturday afternoon with local Stellantis union leaders following the sides agreeing in principle to the terms of a deal.

Bloomberg News first reported Saturday the company made additional concessions to the UAW and the union aims to announce a tentative agreement this afternoon that includes a new product for an idled assembly plant in Illinois.

The deal comes after the union reached an agreement on Wednesday with Ford. That agreement still needs to be approved by union leaders and ratified by members.

The tentative agreement is expected to end six weeks of targeted labor strikes by the union after the sides failed to reach new deals for 146,000 UAW members before a Sept. 14 deadline. The union called back more than 16,000 striking…



2023-10-28 12:48:00

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