- 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.
- Photo Via Company
Mid-Afternoon Market Update: Dow Rises Over 100 Points; CTI BioPharma Shares Plummet
Toward the end of trading Wednesday, the Dow traded up 0.39% to 34,617.2 while the NASDAQ climbed 0.17% to 15,564.73. The S&P also rose, gaining 0.68% to 4,597.96.
