Please ensure Javascript is enabled for purposes of website accessibility

Union Approves 4-Year Contract With Goodyear Tire & Rubber

By Justin Loiseau – Aug 22, 2013 at 4:38PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Higher wages and safer retirement, but "long-term viability of the company" kept intact.

The 850,000-strong United Steelworkers union announced today that their members have reached a four-year collective bargaining agreement with Goodyear Tire & Rubber (GT 1.65%) 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."

Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.

The Motley Fool has no position in any of the stocks mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.