{"id":5105,"date":"2023-10-24T18:31:15","date_gmt":"2023-10-24T18:31:15","guid":{"rendered":"https:\/\/borrowaccelerated.com\/investment\/uaw-says-it-reached-a-tentative-agreement-with-general-dynamics\/"},"modified":"2023-10-24T18:31:16","modified_gmt":"2023-10-24T18:31:16","slug":"uaw-says-it-reached-a-tentative-agreement-with-general-dynamics","status":"publish","type":"post","link":"https:\/\/borrowaccelerated.com\/?p=5105","title":{"rendered":"UAW Says It Reached a Tentative Agreement With General Dynamics"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

The United Auto Workers announced a tentative agreement with defense contractor
\n General Dynamics
\n on Monday.<\/p>\n

The potential deal affects about 1,100 workers in Ohio, Michigan, and Pennsylvania, according to the UAW. The plants manufacture armored vehicles such as the Abrams tank. <\/p>\n

\n

\n General Dynamics
\n stock (ticker: GD) was up 0.4% in midday trading. The
\n S&P 500
\n and was up 0.4%, and the
\n Dow Jones Industrial Average
\n was flat. <\/p>\n

The four-year deal provides 14% wage increases over the life of the contract as well as inflation protection,\u00a0<\/strong>the union said.\u00a0<\/strong>It must still be ratified by members. \u00a0<\/strong><\/p>\n

\n General Dynamics
\n and the UAW didn\u2019t immediately respond to requests for comment about additional contract details.<\/p>\n

The wage increase included in the tentative deal with General Dynamics is less than the roughly 23% in wage increases being offered by the Detroit-Three auto makers in an attempt to end a strike affecting
\n Ford Motor
\n (F),
\n General Motors
\n (GM), and
\n Stellantis
\n (STLA). That strike will turn 40 days old this week. <\/p>\n

Auto workers, however, have made significant concessions over the past 15 years to help the car makers become more consistently profitable. The defense industry is more stable. Its workers didn\u2019t likely have to make concessions as large. <\/p>\n

General Dynamics\u2019 operating profit margins have fluctuated from essentially 10% to 13% over the past 10-plus years. Auto makers have swung from losses to profits over the same span. <\/p>\n

Shortly before the UAW announced the tentative deal with General Dynamics, the UAW decided to walk out of Stelantis\u2019 Sterling Heights Assembly Plant in Michigan. That plant makes pickup trucks, a big profit generator for Stellantis. <\/p>\n

It is a sign that the UAW leadership isn\u2019t ready to bring a tentative agreement to any of the Detroint-Three auto makers yet. <\/p>\n

UAW members working at Mack Trucks recently voted down a tentative agreement union leadership brought to them for a vote. Those two sides have to go back to the table.<\/p>\n

Mack Trucks is owned by the\u00a0Volvo\u00a0AB truck-manufacturing business, which is publicly traded (ticker: VOLV.B.Sweden). China\u2019s Geely controls the Volvo automobile brand.<\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The United Auto Workers announced a tentative agreement with defense contractor General Dynamics on Monday. The potential deal affects about 1,100 workers…<\/p>\n","protected":false},"author":1,"featured_media":5106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-5105","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nUAW Says It Reached a Tentative Agreement With General Dynamics | Borrow Accelerated<\/title>\n<meta name=\"description\" content=\"The United Auto Workers announced a tentative agreement with defense contractor General Dynamics on Monday. 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