Economy

Fiat Chrysler reaches tentative labour deal with UAW

Fiat Chrysler reaches tentative labour deal with UAW”

FCA and the UAW have not released full details of their tentative agreement, but the union indicated that it generally reflected the deals negotiated with GM and Ford.

Fiat Chrysler on Saturday announced that it has reached a tentative deal with United Auto Workers for a four-year labor contract.

The UAW Bargaining Committee agreed to a deal with Fiat Chrysler to add $4.5 billion in investments, translating to 7,900 jobs over the course of a four-year deal, according to a UAW statement.

FCA confirmed in a press statement that it reached a deal with the union but did not release further details. Of the $9 billion, $4.5 billion was announced earlier this year, to be invested in five plants and creating 6,500 jobs.

Local union leaders are scheduled to meet in Detroit next week to decide whether to send the proposed contract on to the automaker's 47,000 unionized workers for ratification.

The factory officials are expected to meet next week to vote on the deal.

The $9,000 ratification bonus isn't as much as the $11,000 that GM workers got, but it's equal to the money paid to Ford workers. Redburn Partners upgraded shares of Fiat Chrysler Automobiles from a "sell" rating to a "neutral" rating in a research note on Friday, November 1st. The larger of the automakers contends Fiat Chrysler's former CEO, the late Sergio Marchionne, used bribes and other means to get favorable, albeit illegal, settlements with the union that made it more hard for GM to remain competitive.

The UAW said a ratification vote on the agreement with Fiat Chrysler could come as soon as December 6. The announcement of the agreement follows United Auto Workers' already concluded contract with General Motors and Ford.

In the end, GM agreed to give many of those temporary employees a path to job security while also boosting pay and benefits for second-tier UAW members.

As with GM and Ford, talks with Fiat Chrysler began in July.

GM hit Fiat Chrysler with a stunning racketeering lawsuit earlier this month, alleging the Italian-American automaker inflicted billions of dollars in damages by bribing union officers for competitive advantages.

The Italian-American vehicle manufacturer, in turn, accused GM of attempting to circumvent the planned merger with French auto manufacturer PSA.

The Fiat Chrysler talks could be complicated by an ongoing federal bribery and embezzlement investigation into some of the UAW's leadership, which started at Fiat Chrysler. Parametric Portfolio Associates LLC now owns 1,542,003 shares of the company's stock valued at $19,969,000 after acquiring an additional 167,294 shares during the last quarter. Earlier this month, the union's president, Gary Jones, abruptly resigned in the face of allegations that he misused union funds.

Corrects that deal includes a promise that no assembly factories will be closed under the agreement, rather than no factories at all.



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