GM And UAW Getting Close On Deal

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GM (GM) and the UAW are getting close to a contract according to news from The Wall Street Journal and several other sources. comments that the parties have moved "toward a historic deal that would include a multi-billion-dollar independent trust fund to manage retiree health-care costs for hundreds of thousands of Detroit autoworkers."

A deal along these lines would allow Detroit to close the gap in hourly costs between it and the Japanese. For GM, it would also take about $50 billion in liabilities off its balance sheet.

Douglas A. McIntyre