Ford and the UAW announced today that the tentative agreement with the UAW to cut health care costs has been ratified by a 51 percent majority of the union membership.

The principal changes are to the health care plan for retired hourly workers, and should net the company annual
savings of about $650 million before tax. This includes cash savings of about $200 million annually.

As part of the agreement, Ford promises to invest $900 million over the next five years for projects related to innovation and new technology, presumably to satisfy the UAW that their members' sacrifice is going towards improving their company.

The agreement will not be final until it receives court approval.

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