CAW And Ford Reach Tentative Deal; Talks Continue With GM and Chrysler

The Canadian Auto Workers said Monday it has reached a tentative four-year labor agreement that covers wages and benefits for 4,500 Ford Motor Co. workers and averts a strike at the Ford Edge assembly plant, Automotive News reports.

CAW President Ken Lewenza said the deal would provide no base wage adjustments but hourly employees will receive C$2,000 lump sum payments in the contract's last three years. 

Upon ratification, eligible employees will receive a C$3,000 ratification bonus.

In return, the union said about 600 jobs will be created at Ford's Canadian operations -- a key objective of the CAW during talks with Detroit 3 automakers this year.

"It's a damn good deal in these economic times," Automotive News quoted Lewenza as saying..