GM reaches bargain with striking union workers

The 31-day General Motors strike may start winding down. The United Auto Workers union said Wednesday it reached a tentative deal with the largest U.S. automaker. Factory-level union officials are set to meet and sign off on the deal on Thursday, and the UAW’s 49,000 members at GM also have to ratify it.

What’s in the deal? Neither party has released details of the four-year agreement. GM said its latest offer to the union workers included increased wages, lump-sum payments, high-quality health insurance at low cost, promises for new products, and a path to full-time positions for temporary workers. The strike shut down production at GM’s U.S. factories, reducing output by 250,000 to 300,000 vehicles, analysts at KeyBanc estimated.

Dig deeper: Read my report in The Sift on why negotiations between the union and GM broke down in September.