GM workers ratify union contract, ending strike

The United Autoworkers announced Friday that its members had ratified a contract with General Motors, formally ending a 40-day strike that cost the automaker an estimated $2 billion. The deal is likely to form a template for the union’s upcoming negotiations with Ford and Fiat Chrysler.

The new contract provides members an $11,000 signing bonus, performance bonuses, two 3% annual raises and two 4% lump sum payments while holding healthcare costs level. GM would invest $7.7 billion more directly in its plants and create up to 9,000 new jobs.