So, the UAW and GM settled the strike. Whew. Didn’t see that coming either did we?
Okay, so I thought they were going to drag it on a bit longer, but I was wrong.
The United Auto Workers union and General Motors Corp (GM.N) struck a groundbreaking deal on Wednesday, ending a two-day strike by agreeing to create a health-care trust fund that will reduce the automaker’s costs.
The agreement allows GM to shift more than $50 billion of retiree health-care liabilities to an independent union-aligned trust — a breakthrough expected to allow Detroit automakers to cut in half a labor-cost gap against Japanese competitors.
News of the tentative four-year pact, which ended a nationwide walkout by 73,000 GM employees on Monday, sent GM shares up almost 9 percent to their highest level in 10 weeks.
So everyone is happy now, right? I wonder how much it was costing GM every day, for the two days?
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[...] Kooks at the UAW have settled their strike with GM. Big surprise [...]
I’ve heard some speculation that GM wanted the strike so that it could get rid of some of its existing inventory. True or not, it’s an interesting idea.