A union official said Monday that 78% of workers who voted at UAW Local 900 in Wayne, Mich., approved the deal, according to The Associated Press. The local represents about 3,900 workers at Ford's Michigan Truck and Wayne Assembly factories.
The contract freezes wages and cuts cash bonuses. It also allows some payments to the Voluntary Employee Beneficiary Association, a union-run trust for retiree health care, to be paid in stock.
On Sunday, workers at an axle plant in Sterling Heights, Mich., also approved the changes, the AP said. Voting is to be completed by March 9.On Monday, Ford shares were trading down 16 cents at $1.84, while shares in General Motors (GM - Get Report) were down 20 cents at $2.05.