General Motors Company (NYSE:GM) has reached a deal with Unifor, the Canadian autoworkers union, to end a strike less than 24 hours after it began, according to reports.
Work will resume at the company's Oshawa assembly complex, St. Catharines powertrain plant and Woodstock parts distribution center Tuesday afternoon, GM said. Roughly 4,300 Unifor workers walked off the trio of Ontario facilities midnight Tuesday.
The St. Catherines plant produces engines for a variety of vehicles, along with powertrains for the Chevrolet Equinox and Corvette. The Oshawa plant makes Chevrolet Silverado trucks, one of GM's most profitable models.
Unifor President Lana Payne said that GM had no choice but to follow the pattern of the union's recent deal with Ford when faced with the strike. Unifor took what's known as a pattern bargaining approach to negotiations by reaching a deal with Ford first and expecting the other automakers to match.
Unifor represents about 18,000 workers at GM, Ford Motor Company (NYSE:F) and Stellantis NV (NYSE:STLA, EPA:STLA).
Now GM's attention turns squarely to the roughly 9,200 United Auto Workers members who are on strike in the US at two GM assembly plants and a network of parts and distribution centers.
Shares of GM rose 1.5% Tuesday afternoon to $31.46.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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