Ford autoworkers were set to head back to work after the United Auto Workers (UAW) union reached a tentative labor deal with the company late Wednesday.
Ford was the first of Detroit's Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers since mid-September. The UAW will now turn its attention to talks with
The Ford contract stands as a significant victory for labor, one of many reached this year as workers have walked out or threatened strikes in various industries such as rail, entertainment, shipping and casinos.
"We know it breaks records," UAW President Shawn Fain said in a video address Wednesday night."We know it will change lives. But what happens next is up to you all.""We estimate the ratification will take 1-2 weeks. The process starts on Oct. 29 when the UAW Council votes to send the tentative agreement to members," said Wells Fargo analyst Colin Langan, adding that the deal will be a template for GM and Stellantis.
"We are pleased to have reached a tentative agreement on a new labor contract with the UAW covering our U.S. operations," Ford CEO and President Jim Farley said in a statement.Rival General Motors' shares also rose as analysts expected the automaker to follow Ford in reaching a deal that would end a strike at some of its most profitable plants. GM and Stellantis in statements on Wednesday said they were working to secure agreements as soon as possible.
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