BREAKING: UAW and Ford reach tentative agreement

You know what they say: third time's a charm. After the United Auto Workers union was forced to strike against both General Motors and Chrysler LLC., it somehow found a way to come to terms with Ford Motor Co. after two marathon days of negotiations this past week. Ford's press release contains no details about the tentative four-year contract itself, except to say that it applies to all 54,000 UAW workers who have their checks signed by Ford.

The contract will remain tentative until those 54,000 rank and file workers vote on it. All it needs is a majority vote from Ford's hourly workforce, but as we learned with the UAW-Chrysler contract that was almost defeated in a popular vote, that's easier said than done. When the details of this contract emerge, it will become more apparent whether it favors the union or the automaker, and thus whether or not the average worker will be likely vote for it.

Check out the official statement from Ford after the jump.

[Source: Ford]

STATEMENT: UAW-FORD REACH TENTATIVE AGREEMENT ON NEW NATIONAL LABOR AGREEMENT

Note: The following statement is attributable to Joe Laymon, group vice president, Human Resources and Labor Affairs, Ford Motor Company.

DEARBORN, Mich., Nov. 3 -- The United Auto Workers union (UAW) and Ford have reached a tentative agreement on a four-year national labor contract covering approximately 54,000 represented employees in the United States.

I'd like to take this opportunity to thank UAW President Ron Gettelfinger, UAW Vice President Bob King and the entire UAW national bargaining committee for all of their hard work and professionalism over the past several months. I would also like to thank the Ford bargaining team for its skill and dedication during this complex and challenging set of negotiations.

The agreement is subject to ratification by UAW members. It includes a memorandum of understanding to establish an independent retiree health care trust. Following ratification, implementation of the memorandum of understanding is subject to approval by the courts and satisfactory review of accounting treatment with the Securities and Exchange Commission.

Though we will not discuss the specifics of the tentative agreement until after it becomes final, we believe it is fair to our employees and retirees, and paves the way for Ford to increase its competitiveness in the United States.