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U.S. markets recover from steep losses
DEARBORN, Mich., Feb. 23 (UPI) -- Ford Motor Co. and the United Auto Workers union said they agreed the company could pay half its contribution to a healthcare trust in company stock.
The company agreement that involves a health trust for retired workers could become a template for agreements with General Motors Corp. and Chrysler LLC, The New York Times reported Monday. As such, news of the agreement boosted Ford and GM stock Monday.
In a statement, union President Ron Gettelfinger said the change "will protect jobs for UAW members by ensuring the long-term viability of the company."
Union leaders will vote on the proposal this week, Gettelfinger said. After that, it will be put up for a vote by union membership.
In a statement, Ford's group vice president for global manufacturing and labor affairs, Joseph Hinrichs, said the automaker "will consider each payment when it is due and use our discretion in determining whether cash or stock makes sense at the time, balancing our liquidity needs and preserving shareholder value."
"The agreements, if finalized, will allow Ford to become competitive with foreign automakers' U.S. manufacturing operations," he said.
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