Ford-UAW vote to send contract to rank & file

GM and Ford are holding large cash reserves in preparation for what they believe is the likely event of economic recession.

The National UAW-Ford Council announced on Friday it will send the new contract to the rank and file for ratification with votes due by November 15.

“This contract provides over $6 Billion in new product investment creating and retaining over 8500 jobs. We are proud that UAW-Ford members through this contract will continue to be the largest U.S. auto workforce and build the most products here at home,” said Rory Gamble, UAW Vice President and Director of the UAW-Ford Department in a statement. “This contract reflects the hard work, sacrifice and quality work of UAW members as they lead the U.S. auto industry."

Ticker	Security	Last	Change	Change %
F	FORD MOTOR CO.	12.10	+0.07	+0.58%

As part of the tentative deal, which the automaker made late Wednesday night, Ford will close an engine plant in Romeo, Michigan according to several published reports. The 600 hourly workers will reportedly be offered jobs or buyouts. According to local Detroit television station, WXYZ, the Romeo employees will be offered positions at the nearby Ford Van Dyke Transmission Plant.

In 2017, President Trump gave public kudos to Ford for investing in three Michigan plants including the Romeo facility.

Ford shares have gained 12 percent this year, in line with rival General Motors shares which are up 11 percent.

*This story was updated on 1/11/19.