GM, Unifor reach deal: Reuters

General Motors (GM) reaches a deal with Unifor, Canada's largest private sector union which was formed when the Canadian Auto Workers union and the Communications, Energy and Paperworkers Union merged.

Unifor's first president Jerry Dias pledged to "stop playing defense and start  playing offense," at his first inaugural address this month.

Details of the four-year deal with production and skilled trade workers at a GM plant in Ontario are being "withheld until after the ratification vote on Sunday,"  Reuters says.

The preexisting contract was set to expire Monday.

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Comments (4)
  • Deja Vu
    , contributor
    Comments (1805) | Send Message
    The seeds of the next taxpayer funded "rescue" of GM are being laid. Any investor buying any paper issued by GM - stocks, especially bonds, anything - is going to be separated from their money for the benefit of the unions. As a practical matter, I do not buy any union made car. I look forward to shorting GM again in the years to come.
    14 Sep 2013, 08:59 PM Reply Like
  • WisPokerGuy
    , contributor
    Comments (1355) | Send Message
    It takes buyers and sellers to make a market and I'll gladly take the opposite side of that trade.


    My number one rule of investing is that I care very little about where a stock has been in the past. I only care where a stock is going in the future. Translation - I wouldn't hold my breath that GM falls much below $30 a share again (unless there is a major geo-political event).
    14 Sep 2013, 11:06 PM Reply Like
  • positivethoughts
    , contributor
    Comments (2064) | Send Message
    I will never invest in a company that has to deal with powerful unions - GM is handicapped for life.
    14 Sep 2013, 09:12 PM Reply Like
  • Keyser Smith Jones Soze
    , contributor
    Comments (101) | Send Message
    Now that GM and Ford are fully robust, the UAW will bleed them both dry at the next contract renewal. I don't know how soon it comes up for either company, but if you own stock in either company, you had better figure out when it is and keep a very, very close eye on it, because that is when those two stocks are going to tank. As soon as the financial talkie-people on the TV financial channels start mentioning it, growth in those stocks is over and done, most likely for good.
    15 Sep 2013, 11:10 AM Reply Like
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