Summary of GM-UAW talks |
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Published
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Mon, 17 Sep 2007 21:23
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(AP) - WHO: Contract talks between General Motors Corp. and the United Auto Workers resumed late Monday morning after a 16-hour marathon session Sunday. The UAW represents around 73,000 GM workers at 82 U.S. plants and facilities. The union has extended its contract with GM on an hour-by-hour basis since midnight Friday but could strike GM if a deal isn't reached. Ford Motor Co. and Chrysler LLC have extended their contracts indefinitely.WHAT'S NEW: GM and Ford shares rose Monday as investors grew more certain that a deal would be reached and a strike would be averted. Bear Stearns upgraded Ford, telling investors that the automaker would benefit as much as GM from the creation of a UAW-run fund for retiree health care.WHAT'S AT STAKE: GM, Ford and Chrysler want to turn over their retiree health care liabilities, estimated at $90 billion, to a fund that would be administered by the UAW. In exchange, the UAW is seeking promises for future work at U.S. factories.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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