DARN! Forbes was right, UAW strike against Chrysler is over

UPDATE: Statement from Chrysler Vice Chairman and President Tom LaSorda added after jump. One detail LaSorda mentioned was that Chrysler would be establishing an "independent retiree health care trust" like the GM is pumping billions into. The amount Chrysler will contribute is still unknown.

Photo by Bill Pugliano/Getty

Whaddya know? Apparently Forbes knew something everyone else didn't, as the UAW has just released a statement saying that it has reached a tentative agreement with Chrysler LLC on a new four-year contract. All of the 49,000 some UAW workers who walked off the line will return to building cars at their next available shift. No details of the arrangement have been released yet, but speculation as to what it entails has probably already started. We'll see if the UAW finds its new Chrysler contract a harder sell to the rank and file than the GM contract that was just officially ratified today.

[Source: Automotive News, sub. req'd]

STATEMENT FROM CHRSYLER:

Tom LaSorda, Vice Chairman and President, Chrysler LLC

Auburn Hills, Mich., October 10, 2007

Chrysler LLC and the UAW have reached a tentative agreement on a new national labor contract, covering approximately 45,000 represented employees. The agreement is subject to UAW member ratification.

The tentative agreement includes a memorandum of understanding to establish an independent retiree health care trust, as well as other changes to the national agreement. Following ratification, implementation of the memorandum of understanding is subject to approval by the courts and satisfactory review of accounting treatment with the Securities Exchange Commission.

The national agreement is consistent with the economic pattern, and balances the needs of our employees and company by providing a framework to improve our long-term manufacturing competitiveness. At this time, we cannot discuss specifics of the agreement pending a ratification vote - an internal UAW process.

PRESS RELEASE:

UAW reaches tentative agreement at Chrysler
The UAW this evening announced that it had reached a tentative agreement with Chrysler LLC. The strike against Chrysler at 11 a.m., following the expiration of an extension to the current labor agreement, will end immediately, the union said. The following is the UAW announcement.

UAW President Ron Gettelfinger and UAW Vice President General Holiefield announced today that the UAW has reached a tentative agreement with the Chrysler Corporation.

The strike against Chrysler at 11:00 this morning, following the expiration of an extension to the current labor agreement, will be recessed immediately. UAW Chrysler workers will be notified by the corporation to report to work on their next available shift.

"This agreement was made possible because UAW workers made it clear to Chrysler that we needed an agreement that rewards the contributions they have made to the success of this company," said Gettelfinger.

"Once again, teamwork in the leadership and solidarity in the ranks has produced an agreement that protects jobs for our communities and also protects wages, pensions, and health care for our active and retired members," said Holiefield, who directs the UAW*s Chrysler Department.