Fiat Chrysler Automobiles reached a tentative labor agreement with the United Auto Workers on Saturday, becoming the last of the big three Detroit automakers to arrive at a deal with the labor union this year.
A source says it includes a $9,000 signing bonus, a promise not to close any factories for the next four years and a commitment to keep making vehicles at a plant in Belvidere, Illinois.
Detailed terms of the tentative agreement were not released, but they are expected to echo those under the new contracts with GM and Ford, as the UAW typically uses the first deal as a pattern for the others.
Fiat Chrysler Automobiles (NYSE:FCAU) was upgraded by Exane BNP Paribas from a "neutral" rating to an "outperform" rating in a note issued to investors on Tuesday, November 12th, The Fly reports. The announcement of the agreement follows United Auto Workers' already concluded contract with General Motors and Ford. BNP Paribas upgraded Fiat Chrysler Automobiles from a "neutral" rating to an "outperform" rating in a report on Tuesday, November 12th. The Ford and GM contracts saw improvements for temporary and in-progression workers, wage increases two 3% annual raises and two 4% lump sum payments and no change in health care costs. Fiat Chrysler Automobiles NV has a 1 year low of $12.11 and a 1 year high of $17.46. Fiat Chrysler has over 20,000 union employees hired after 2007. That compares with an average of $50 per hour at USA plants owned by foreign-based automakers.
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The allegations of corruption form the core of a federal lawsuit that GM filed against Fiat Chrysler earlier this month. Commerzbank upgraded Fiat Chrysler Automobiles from a "hold" rating to a "buy" rating in a report on Wednesday, October 30th. Fiat Chrysler said in a press release that GM's lawsuit was "without merit" and dismissed it as an attempt to disrupt its recent agreement to merge with French automaker Groupe PSA - a merger which if finalized, would make the combined company the fourth largest carmaker in the world by production volume. Parametric Portfolio Associates LLC now owns 1,542,003 shares of the company's stock valued at $19,969,000 after acquiring an additional 167,294 shares during the last quarter.
But authorities are believed to be taking aim at Gary Jones who this past month resigned as UAW president and his since resigned from the union.
The Fiat Chrysler talks could be complicated by an ongoing federal bribery and embezzlement investigation into some of the UAW's leadership, which started at Fiat Chrysler. He has not been charged but has been linked to a plot to embezzle union conference funds to buy expensive cigars, wines, rounds of golf and stays at exclusive villas.
Vice President Rory Gamble, who negotiated the contract with Ford, is now acting president. Adds that half the $9 billion in total investments was from previous announcements.