UAW to send counteroffer to Ford (F)

According to an undisclosed insider cited by Reuters Wednesday, the United Auto Workers union intends to present a counterproposal concerning economic matters in their labor contract negotiations with Ford Motor (NYSE: F).

Last week, Ford announced that it had extended an offer of a 9% wage increase that would span until 2027. This figure falls significantly short of the union's demand for a 46% wage hike. The anonymous source also mentioned that the Union anticipates receiving a proposal from General Motors (NYSE: GM) on Thursday.

The current contract covering nearly 150,000 Union workers is scheduled to expire next week on September 14th at midnight.

Shares of F are down 0.50% in afternoon trading Wednesday.

By Michael Elkins | [email protected]

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