Fiat Chrysler And UAW Reach Labor Deal/Avoid Strike

UNITED AUTO WORKERS REACH A LABOR AGREEMENT WITH FIAT CHRYSLER ON SATURDAY

(CNN) -The United Auto Workers union and Fiat Chrysler reached a tentative labor deal Saturday.

The UAW announced that negotiations would result in 7,900 new jobs over the four year contract period.

Fiat Chrysler confirmed the tentative deal on Twitter and said details would be provided at a later date.

The union says it secured an additional $4.5 billion in major investments from the automaker.

The deal with Fiat Chrysler marks the last round of contract negotiations with the three big Detroit automakers.

The agreement comes after a bruising round of negotiations between the UAW and General Motors, which resulted in strike that lasted six weeks.

Earlier this month, the 55,000 union members at Ford easily approved a new four-year labor deal with the automaker.

The Fiat Chrysler agreement must still be ratified by UAW workers.

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