The proposed interim agreement will be considered Thursday by the National Council, nearly 200 local union leaders who will meet Thursday at 10:30 a.m. .m in Detroit. If they agree, what will be formally a provisional agreement will be subject to ratification by GM personnel represented by the UAW. GM shares closed 1.1% higher on Wednesday at $36.65 after rising as much as 2.6% in the day. Shares of some automotive suppliers also rose following the UAW`s announcement of the interim deal. The cost of the strike – and how quickly those costs can be reimbursed – will be a priority for investors, given that the automaker and its major suppliers report quarterly results in the coming days. Temporary agency workers: The union insisted that temporary agency workers get a better deal from GM. Both sides agreed that the temporary workers would become permanent employees and that details had yet to be disclosed. UPDATE 5:1019 p.m., 3:30 p.m.m: Automotive News reports this afternoon that the terms will be discussed in the proposed agreement.
The UAW GM Council met today for most of the day, but has yet to recommend a ratification vote. Under the terms of the interim agreement, the Hamtramck plant near Detroit, which currently employs some 800 people to build the Cadillac CT6 and Chevrolet Impala, would not close as planned, and GM will build its future electric truck there; But the assembly plant in Lordstown, Ohio, as well as transmission facilities in Michigan and Maryland, would be permanently closed. GM made a statement to AN in which it said it would follow plans for battery production in Ohio and that it would invest a total of $9 billion in U.S. plants. General Motors and the United Auto Workers have reached a preliminary agreement to end the strike that began a month ago, the union said Wednesday. The UAW GM National Council will vote on the deal on Thursday. The final deal resembles the payout and bonus offer, but contains some improvements, said the person who was briefed on the matter. “It`s more painful, but it might be wiser to continue the strike in case it is not ratified,” she said.