The United Auto Workers union has reached a new labor agreement with General Motors (NYSE:GM) and GM supplier Delphi (NYSE:DPH), bringing an end to negotiations between the union and the Big Three auto markers this week. Deals with DaimlerChrysler's (NYSE:DCX) Chrysler division, Ford (NYSE:F), and Ford's parts supplier Visteon (NYSE:VC) were completed earlier in the week.
The negotiations proved to be the quickest and easiest in recent memory. No specific details were given by any of the involved companies or union representatives, but it's likely that the auto companies were given some flexibility when it comes to closing plants and letting workers go. Hard-hitting foreign competition set the stage for unusual negotiations, with both sides united in a sense against a common enemy.
The new contracts, which cover about 760,000 active and retired workers, must still be approved by local union members. That's expected to take about a week.
UAW head Ron Gettelfinger hailed the completion of talks as a victory for workers. "In the last five days, we have successfully concluded negotiations with five of the largest manufacturers in the world. That's five for five."
