GM/UAW Settle Strike after 2 Days

Reuters is now reporting that the United Auto Workers and General Motors have settled the UAW strike after 2 days off the job.   

In a strike that nobody wanted, the deal seems to have been concluded on the basis of a new healthcare package.    Impact to the GM supply chain is likely to be limited but may take as long as a month to put fully back online. 

clipped from today.reuters.com DETROIT (Reuters) - The United Auto Workers union and General Motors Corp reached a tentative contract on Wednesday to end a national strike by 73,000 workers with a deal that includes a groundbreaking health-care trust fund. Union President Ron Gettelfinger, speaking at a news conference at the union's Detroit headquarters, said production at GM facilities would resume on Wednesday, ending the first national UAW strike against GM since 1970 after two days. Gettelfinger said the union expected to hold a meeting with the local unit presidents to go over details of the four-year agreement on Thursday afternoon or Friday morning to allow for local ratification meetings nationwide over the weekend. Ratification requires a majority vote of UAW members."We feel very confident it will be ratified," Gettelfinger said.GM shares jumped 7.3 percent to 26.2 euros in Frankfurt trading after the deal was announced.

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