The United Auto Workers union and General Motors (NYSE:GM) are reported to be closing in on a tentative agreement that could soon end the union’s ongoing strike against the automaker.
Sources said labour and management representatives were expected to return to bargaining after a break Wednesday night.
Negotiators have been meeting daily since before the work stoppage began on Sept. 16. However, sources also said talks between the two sides have intensified in the past 24 to 48 hours.
UAW leadership told members progress has been made, as about 48,000 workers picketed for the 10th day, outside plants all over the United States.
Having all of the issues at the “Main Table” and not in subcommittees is typically a sign that a tentative deal could be imminent as long as the talks don’t fall apart over any major sticking points. Depending on how far apart the sides are on the issues, such as pay and temporary workers, that could take hours or days.
Sources say GM’s use of temporary workers and keeping plants open that have been slated for closure have been among the major sticking points.
After a proposed deal is reached, the union has to take the agreement to the GM-UAW council, which includes local union leaders, and then to members to approve. That process typically takes two weeks; however, that could be expedited if the union decides to keep workers on strike during the voting.
GM shares, meanwhile, gained 33 cents to $37.57 early Thursday morning.
