GM, UAW reach first labor deal since bankruptcy

Updated: 2011-09-17 13:12


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DETROIT - General Motors Co and the United Auto Workers union on Friday reached a proposed contract for almost 49,000 production workers that both sides said would create new US factory jobs and include profit-sharing bonuses.

GM, UAW reach first labor deal since bankruptcy
Details of the tentative contract were being withheld until the contract could be reviewed by UAW officials representing GM plants.

The proposed contract, which must be ratified by rank-and-file workers, represents the first since two Detroit automakers -- GM and Chrysler Group LLC -- were bailed out by US taxpayers and exited bankruptcy partially owned by the US government.

The UAW chose to complete negotiations for a new contract with GM first, before reaching a deal with Chrysler and finally with Ford Motor Co, those close to the talks have said.

Ford is the only major US automaker that avoided a government bailout and funded its turnaround on its own.

The Detroit talks have played out at a time of increasing uncertainty about the strength of US auto sales for the remainder of this year and in 2012, as well as concern about the risk of another recession.