Deal gives Ford workers $9K signing bonus; plant will close
DETROIT (AP) — A person briefed on the matter says workers will get $9,000 signing bonuses if they ratify a new four-year contract with Ford, but the company will be able to close a factory in the deal.
The person, who didn't want to be identified because the contract hasn't been explained to workers, says Ford will close an engine plant in Romeo, Michigan, north of Detroit. The factory's 600 union workers will be offered buyouts or jobs at a transmission plant in nearby Sterling Heights.
Ford reached a tentative four-year contract agreement with the United Auto Workers union Wednesday night. The union says it secured over $6 billion in product investments at U.S. factories. Local union leaders will meet in Detroit Friday to hear an explanation of the contract terms.