While details of a contract settlement won't be disclosed until workers have had a chance to review the proposal, Goodyear Tire & Rubber (NASDAQ:GT) and the United Steelworkers union said they have reached an agreement on a new master contract covering about 8,000 employees at six U.S. plants.
According to the union representative, the tentative agreement must be approved by a majority of the six local unions representing a majority of the membership at plants in Akron, Ohio; Gadsden, Ala.; Buffalo, N.Y.; Topeka, Kan.; Danville, Va., and Fayetteville, N.C.
Steelworkers struck Goodyear for three months in 2006, costing the tire maker $367 million. The union had advised members to plan for a strike again if the talks fell through, but at 11 p.m. before the deadline expired, the two sides reached their agreement.
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