The 850,000-strong United Steelworkers union announced today that their members have reached a four-year collective bargaining agreement with Goodyear Tire & Rubber (NASDAQ: GT ) that will cover 8,500 workers across six separate plants across the United States.
According to the release, the agreement includes higher wages, as well as increased employment and retirement security.
"The contract protects our plants against closure throughout its term," said United Steelworkers International Vice President Tom Conway, the union's Goodyear negotiation lead. "We also negotiated a commitment from Goodyear to invest in our North American facilities so that future generations can look forward to continuing the tradition of manufacturing in these communities."
While union workers will now enjoy a higher standard of living, the press release notes that these latest changes will not affect the "long-term viability of the company."