GM, Delphi Reach Buyout Deal With UAW

Law360, New York (March 22, 2006, 12:00 AM EST) -- Trying to avert a crippling strike, General Motors Corp. has brokered a deal with the United Auto Workers union that would provide early retirement incentives for more than 125,000 factory workers, including thousands at bankrupt auto supplier Delphi Corp.

The three parties announced the deal on Wednesday, following a week of exhaustive negotiations.

The agreement moves the world’s largest automaker one step closer to its goal of slashing 30,000 jobs by 2008, while fending off a threatened strike at former subsidiary Delphi.

Under the terms of...
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