Canada's Magna, Unifor reach tentative labor deal
Reuters
Published Nov 13, 2023 10:03AM ET
(Reuters) - Canada's Magna International (NYSE:MGA) has reached a tentative agreement with Unifor, a company spokesperson said on Monday, the latest in a series of deals struck by North American labor unions following their tough stance over wages and working conditions.
Both parties resumed talks last week after workers staged a walkout at the auto parts supplier's Integram seat manufacturing plant in Windsor, Ontario.
The spokesperson added that members of Unifor Local 444 employed at the Magna Integram plant would be returning to work on Monday.
The Integram plant manufactures seats for vehicles assembled at Stellantis (NYSE:STLA)' Windsor plant as well as at Detroit Three plants in the United States.
Unions have been taking advantage of a tight labor market to push for higher pay and better working conditions in their talks for new labor agreements.
A ratification vote has been scheduled for later in the week. The terms of the agreement were not disclosed.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.