Shares of General Motors GM are climbing after hours Wednesday after the company came to a tentative agreement with the leadership of the 48,000 striking auto workers represented by the United Auto Workers union.
"The No. 1 priority of the national negotiation team has been to secure a strong and fair contract that our members deserve," said UAW vice president Terry Dittes in a statement.
Reports are that GM is ready to invest between $7 billion and $7.7 billion in U.S. facilities while also keeping the workers' medical coverage, which is broadly seen as one of the best in the country.
UAW leadership will meet Thursday to ratify the deal, which then moves to local leadership for consideration and finally individual workers for a final vote.
The whole process could take another two weeks, and local leadership could choose to continue picketing while the process plays out.
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