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GM sees “minimal” impact on profits from UAW deal

by News on September 28, 2011

in State and Local

By Ben Klayman and Bernie Woodall/Reuters

Workers represented by the United Auto Workers union approved a four-year labor contract with General Motors Co on Wednesday, the first such deal for the top U.S. automaker since its 2009 bankruptcy.

Ratification of the GM deal, which covers 48,500 hourly workers, clears the way for the union to complete talks with the automaker’s crosstown rival, Ford Motor Co.

GM said the deal, which includes skilled trade worker buyouts and a cap on profit sharing, would have a “minimal” financial impact on the company. Executives said they expected 14 percent of 10,000 skilled trade workers to take the buyout deals.

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