Caterpillar Union Workers Accept Six-Year Labor Agreement: Report

The United Auto Workers (UAW) members across four locals in Illinois and Pennsylvania have reportedly formally consented to their new contract with Caterpillar Inc. CAT. The terms were effective immediately.
The members approved a new, six-year labor agreement with Caterpillar, averting a strike at the company, reported Reuters.
According to the report, the agreement included a $6,000 bonus, increased employer payments to retirement schemes, and a 27% combined wage increase and lump sums.
The report added that the latest deal included a moratorium on plant closures following years of CAT shifting production to other U.S. facilities and shuttering its Aurora, Illinois factory in 2017.
The agreement covers around 7,000 union employees who work in central Illinois facilities and a parts distribution facility in York, Pennsylvania.
Price Action: CAT shares are trading higher by 0.79% at $228.81 in premarket on Monday.
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