The union representing Canadian workers at General Motors (NYSE:GM) says they have reached a tentative agreement with the automaker.
The announcement of a new three-year labour deal, which still needs to be approved by GM's union members, came right before a deadline imposed on the negotiations. Workers are expected to vote on the new collective agreement on November 8.
Unifor said the deal is being unanimously recommended for the 1,700 people who work at GM plants in the southern Ontario cities of St. Catharines, Oshawa and Woodstock.
In announcing the tentative agreement, the union said that GM offered concrete commitments on future product plans. Unifor previously negotiated new collective agreements with Ford Motor Co. and Fiat Chrysler Automobiles.
Fiat Chrysler Automobiles has said $14.4 million will be invested in its Toronto plant, $50 million will be invested in its Brampton, Ontario plant, and $1.35 billion to $1.5 billion will be invested in reinventing its Windsor, Ontario plant to produce at least one electric vehicle.
GM shares began Thursday up $1.07, or 3%, to $36.31.
