Updated from 8:12 a.m. EDT
American Axle Manufacturing
has struck a tentative agreement with the United Autoworkers that would end a costly strike.
The news, announced over the weekend, sent shares of automaker
trading higher Monday.
The union announced the deal late Friday and said it would present details of the agreement to members at a meeting on Sunday. UAW members will vote Monday and Thursday of this week on the deal.
The auto components and systems maker is a key supplier to GM. Last month, American Axle blamed the strike, which began in February, for its
Shares of GM were recently climbing 32 cents, to $21.00. American Axle shares are trading around $22.69 and
shares were flat on the day.
This article was written by a staff member of TheStreet.com.