Negotiators from the United Auto Workers union and General Motors reached a tentative agreement on a deal early Wednesday to end a two-day old strike by 73,000 workers, according to the union and the company.
Terms of the agreement were not immediately available, but the statement from the company said the deal does include the establishment of a union-controlled trust fund that will assume responsibility for future retiree health care costs from GM (Charts, Fortune 500), the nation's No. 1 automaker.
Getting agreement for that shift of costs, estimated at more than $50 billion, was the key bargaining goal of the talks for GM.
"There's no question this was one of the most complex and difficult bargaining sessions in the history of the GM/UAW relationship," said a statement from GM Chairman and CEO Rick Wagoner. "I'd like to thank UAW President Ron Gettelfinger, UAW Vice President Cal Rapson and their bargaining team for their leadership and hard work in negotiating the agreement."
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