Ford and the UAW union have reached a tentative agreement on a new four-year national contract, a day past a midnight Sunday deadline. A deal was also struck between the UAW and Visteon at the same time. The Ford-UAW agreement leaves only GM among Detroit’s Big Three still in talks with the union.
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Reports say that the UAW’s agreement with Ford is likely to follow the broad pattern established by the UAW’s agreement Sunday with DaimlerChrysler AG’s Chrysler Group.
Deals with Ford and GM had been expected Sunday, but were subject to last-minute hitches. The UAW Monday extended the existing contracts at GM and Ford and advised workers to stay on the job.
Dow Jones reported earlier today that details of the Chrysler deal that formed the basis of the Ford pattern remain unclear. There was speculation that Chrysler workers will receive a lump-sum payment during the first year of the four-year contract and annual raises ranging between 2% and 3% in subsequent years, Dow Jones said.
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