Ford Motor Co. (NYSE: F) has successfully reached a preliminary labor agreement with Unifor, the Canadian labor union, averting a potential second strike within a week, The Wall Street Journal reported.
The negotiations with Unifor were proceeding in tandem with talks with the United Auto Workers (UAW) union in the U.S., resulting in added pressure on Ford and its Detroit rivals, General Motors and Stellantis.
The new agreement, whose details remain undisclosed, will affect approximately 5,600 members at Ford's Canadian facilities. Unifor plans to present the agreement details to its members prior to a ratification vote.
Unifor had been advocating for better pensions, higher wages, and support for workers as Ford transitions to electric vehicle manufacturing. Unlike UAW's unorthodox approach to negotiations, Unifor has traditionally targeted one automaker at a time and used the resulting agreement as a benchmark for others.
John D'Agnolo, Unifor Ford Master Bargaining Chair, stated that the agreement provides "gains our members need today and adds greater financial security for the future."
Meanwhile, talks between UAW and the three Detroit automakers, which affect around 146,000 U.S. workers, have continued without a solution. The UAW has threatened additional strikes if substantial progress is not made by Friday noon.