General Motors Company (NYSE: GM) can
breathe a lot easier now, as it negotiated a deal with Unifor, Canada's largest private sector union, in Tuesday's wee hours. The
deal serves to avert a strike by union members, which would have been crippling for the company as corporations grapple with
macroeconomic uncertainties.
The company has agreed to keep its Oshawa plant open as part of the four-year negotiated contract. Additional terms include wage
increases and conversion of part-time work to full-time roles. The new contract covers employees in Oshawa, St. Catherines and
Woodstock (all in Ontario, Canada).
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The deal, which remains tentative in status, will now have to be approved by the members of the union. The members are set to
vote on the deal Sunday.
"The commitment to Oshawa is hundreds of millions of dollars, therefore our fear of a closure in 2019 is now over," Unifor
National President Jerry Dias said in an early morning news conference.
At time of writing, the stock was just open for trading and was up about 0.35 percent. By time of publication, the stock had
retreated slightly to $31.61.
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