UAW Ends Strike

Filed in archive on September 26, 2007

By Gunnar Heinrich

The United Auto Workers Union (UAW) ended its two day, nationwide strike against General Motors that brought the carmaker's assembly lines to a grinding hault.

The Detroit Giant made nice with its industrial arm by promising to set up a $50 Billion employee/retiree healthcare trust fund that would shift the expense to a third-party organization and off GM's debt-laden books.

GM's response was enthusiastic.

"There's no question this was one of the most complex and difficult bargaining sessions in the history of the GM/UAW relationship," said GM Chief Rick Wagoner. "I'd like to thank UAW President Ron Gettelfinger, UAW Vice President Cal Rapson and their bargaining team for their leadership and hard work in negotiating the agreement."

The news sent GM's stock upwards by 4.5% to $36.08 per share during midday trading on Wednesday. Production is expected to resume today.

[Sources: GM, Reuters]