UAW touts 'significant progress' in Ford contract negotiations as GM strike drags on
United Auto Workers' Ford department head touted "significant progress" in contract negotiations with the company in a Thursday letter to members obtained by FOX Business.
"We have made significant progress in this set of negotiations since I last updated you on Wednesday, September 18, 2019," wrote Rory Gamble, vice president of UAW's National Ford Department. "At this time, we now have 18 out of 20 subcommittees that have reached tentative agreements or have negotiated to the point that only patterned or large economic items remain open for discussion."
Ford and UAW began negotiations in July. The auto company employed more than 55,461 U.S. hourly UAW-represented workers at the end of 2018.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 9.96 | +0.17 | +1.74% |
| GM | GENERAL MOTORS CO. | 51.70 | +0.76 | +1.49% |
Gamble's update comes as UAW's strike against General Motors is in its third week. Nearly 50,000 UAW members walked out in September after their contracts expired.
The UAW rejected an offer from GM late Monday night, but the car manufacturer said it remained committed to reaching an agreement that's a win for both sides.
The UAW extended its contracts with both Ford and Fiat Chrysler Automobiles indefinitely while the union negotiates with GM.
"With the large economic issues still outstanding, that raises the question: do they want to leave them open at Ford and wait to see how GM resolves? Or go ahead and do everything without GM?" Morningstar industrials strategist David Whiston told FOX Business.
"Ford and the union have always seemed to have a pretty good relationship. GM, not so much," Whiston added.