The company has agreed to keep its Oshawa plant open as part of the four-year negotiated contract. Additional terms include wage increases and conversion of part-time work to full-time roles. The new contract covers employees in Oshawa, St. Catherines and Woodstock (all in Ontario, Canada).
The deal, which remains tentative in status, will now have to be approved by the members of the union. The members are set to vote on the deal Sunday.
"The commitment to Oshawa is hundreds of millions of dollars, therefore our fear of a closure in 2019 is now over," Unifor National President Jerry Dias said in an early morning news conference.
At time of writing, the stock was just open for trading and was up about 0.35 percent. By time of publication, the stock had retreated slightly to $31.61.
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