- The United Auto Workers (UAW) members across four locals in Illinois and Pennsylvania have reportedly formally consented to their new contract with Caterpillar Inc. (NYSE:CAT). The terms were effective immediately.
- The members approved a new, six-year labor agreement with Caterpillar, averting a strike at the company, reported Reuters.
- According to the report, the agreement included a $6,000 bonus, increased employer payments to retirement schemes, and a 27% combined wage increase and lump sums.
- The report added that the latest deal included a moratorium on plant closures following years of CAT shifting production to other U.S. facilities and shuttering its Aurora, Illinois factory in 2017.
- The agreement covers around 7,000 union employees who work in central Illinois facilities and a parts distribution facility in York, Pennsylvania.
- Price Action: CAT shares are trading higher by 0.79% at $228.81 in premarket on Monday.
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