Ford Motor Company and the United Auto Workers have reached a tentative agreement on a new four-year contract.
Details of the agreement have not been released, but at 9:00 am this morning, Ford executives John Fleming and Marty Mulloy will discuss the deal at the company's Dearborn headquarters. Then at 11:30 am, UAW President Bob King and Vice President Jimmy Settles will present their view of the agreement at a press conference.
The UAW and Ford began contract talks for a new national labor agreement on July 29th and have been in eight consecutive days of intense negotiations on economic and job issues.
General Motors workers ratified a new four-year agreement with the UAW last week and talks at Chrysler are ongoing.
The Ford deal is expected to swap annual pay raises for profit sharing checks and will include commitments from Ford for thousands of new union jobs.
Local union leaders from around the nation will also meet this morning in Detroit to vote on whether they'll recommend the deal to Ford's 41,000 union members.