FOX Business Briefs: Fiat Chrysler merging with Peugeot owner to create one of the world’s largest automakers by volume with a market value of $48 billion; Ford reaches tentative deal with United Auto Workers Union to avoid a strike.
The United Auto Workers and Fiat Chrysler, the last of the Big Three automakers to finalize contract negotiations, still have “some difficult issues to resolve” as Thanksgiving approaches, a UAW official told members on Monday.
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Under pattern bargaining, Fiat Chrysler’s deal for union employes should resemble the deals reached with General Motors and Ford earlier in the fall.
“Since our Brothers and Sisters at Ford ratified their National Agreement, your National Negotiating Team has intensified our discussions with FCA,” wrote Cindy Estrada, director of UAW’s Fiat Chrysler department. “While we have had a few outside distractions since then, your negotiators have remained focused on resolving all your outstanding demands.”
FORD VS. FERRARI FILM SHOWCASES RACECARS WORTH MILLIONS
Those “distractions” may include GM’s federal racketeering lawsuit against Fiat Chrysler, filed last week, or the resignation of former UAW President Gary Jones.
UAW employees at Fiat Chrysler will get paid holidays on Thanksgiving Day and Black Friday under a previously negotiated extension agreement, Estrada wrote.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FCA | FIRST TR EXCH TRADED ALPHADEX FD II CHINA ALPHADEX FD | 25.86 | +0.51 | +2.02% |
| F | FORD MOTOR COMPANY | 9.00 | +0.11 | +1.24% |
| GM | GENERAL MOTORS COMPANY | 35.87 | +0.54 | +1.51% |
“Your negotiators are committed to bargaining a pattern agreement that meets the needs of the membership and provides long term job security,” she wrote.
Fiat Chrysler started bargaining earlier in November after UAW members at Ford voted to approve a new contract with the company.
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Fiat Chrysler employs roughly 47,000 union members, according to Automotive News.
UAW and Fiat Chrysler leaders are at the bargaining table shortly after the automaker announced its planned merger with French automaker PSA, which owns Peugeot.
Fiat Chrysler did not immediately respond to FOX Business’ request for comment.
