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In a swift response to the strike threat by Canadian union Unifor, General Motors (GM) has managed to forge a preliminary agreement for a fresh contract. This development could potentially influence Unifor’s forthcoming discussions with Stellantis (STLA).
The proposed contract, encompassing nearly 4,300 autoworkers, awaits approval through a union member vote. Until the voting process concludes, all strike activities targeting GM’s Canadian establishments have been suspended. The contract will only be finalized if it garners majority support from the union members.
Unifor National President Lana Payne commented, “When faced with the shutdown of these key facilities, General Motors had no choice but to get serious at the table and agree to the pattern”
This provisional understanding with GM follows Unifor’s successful agreement with Ford (F) the previous month. The contract promises salary hikes, enhanced pension schemes, and better benefits for Canadian staff. Once approved, Unifor’s next negotiation will be with Stellantis, the predominant player among the Big Three automakers in Ontario, Canada.
However, the automotive landscape isn’t entirely tranquil. In the U.S., the United Auto Workers (UAW) continues its strike against GM, Ford, and Stellantis. Yet, recent indications from UAW suggest significant headway in their discussions.
Market reactions to these events were mixed. As of Wednesday, 2:30 p.m. ET, GM’s stock value dipped by 1.3%, while Ford and Stellantis observed a rise by 0.3% and 3%, respectively.