Fiat Chrysler, auto union reach tentative deal on contract

UAW Fiat Chrysler

Fiat Chrysler Automobiles NV clinched a new tentative labour contract with the United Auto Workers by agreeing to double up on a major investment in USA production announced earlier this year.

"In addition to the $4.5 billion in major investments previously announced, negotiators secured an additional $4.5 billion for a total of $9 billion of investments adding 7,900 jobs during the contract period".

Fiat Chrysler has agreed not to close assembly plants during the life of the contract and to assign new product to its factory in Belvidere, Illinois, that makes Jeep Cherokee sport utility vehicles and employs nearly 3,700 hourly workers.

The UAW-FCA national council will meet on December 4th to go over the details of the tentative deal.

Fiat Chrysler Automobiles (NYSE:FCAU) was upgraded by Exane BNP Paribas from a "neutral" rating to an "outperform" rating in a note issued to investors on Tuesday, November 12th, The Fly reports.

If approved, hourly and salary employees would vote on ratification starting Friday, the union said. The vote is expected to last approximately two weeks.

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The UAW and Fiat Chrysler were close to reaching a deal that included US$9,000 signing bonuses, people familiar with the negotiations said on Friday, matching what Ford Motor Co recently agreed to pay senior workers. Boston Partners' holdings in Fiat Chrysler Automobiles were worth $19,837,000 as of its most recent filing with the Securities and Exchange Commission. The Ford and GM contracts saw improvements for temporary and in-progression workers, wage increases two 3% annual raises and two 4% lump sum payments and no change in health care costs. Millennium Management LLC boosted its stake in Fiat Chrysler Automobiles by 51.3% in the 3rd quarter. Fiat Chrysler Automobiles has a 1 year low of $12.11 and a 1 year high of $17.46. Commerzbank upgraded Fiat Chrysler Automobiles from a "hold" rating to a "buy" rating in a report on Wednesday, October 30th.

The Italian-American vehicle manufacturer, in turn, accused GM of attempting to circumvent the planned merger with French auto manufacturer PSA. Parametric Portfolio Associates LLC now owns 1,542,003 shares of the company's stock valued at $19,969,000 after acquiring an additional 167,294 shares during the last quarter.

It's not clear if or how the various issues facing FCA and the UAW impacted the final settlement.

But authorities are believed to be taking aim at Gary Jones who this past month resigned as UAW president and his since resigned from the union. Jones lawyer J. Bruce Maffeo says all the expenses were reported in detail and never questioned by the union's accounting department or executive board.

Corrects that deal includes a promise that no assembly factories will be closed under the agreement, rather than no factories at all.

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