UAW Reaches Tentative Deal to End Strike at Key GM Truck Supplier
GM sits 66% above its 52-week low of $47.63.
Summary
The UAW has reached a tentative agreement with Dauch Corp., a critical supplier of axles for General Motors' profitable pickup trucks, ending a 10-day strike. This follows news on June 1st that the strike was threatening to halt GM's truck production. The deal, which still requires ratification by Dauch's 970 hourly workers, removes a significant operational risk for GM, safeguarding its revenue from key vehicle lines like the Chevrolet Silverado and GMC Sierra. For Dauch Corp. (DCH), it means workers could soon return to the factory. The market will now watch for the outcome of the worker ratification vote.
At the time of this announcement, GM was trading at $79.20 on NYSE in the Manufacturing sector, with a market capitalization of approximately $71.6B. The 52-week trading range was $47.63 to $87.62. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.