Caterpillar workers reach contract deal at deadline, averting possible strike
The workers were looking for a new contract with higher wages, better safety measures and improved heathcare benefits
A tentative agreement was reached on a new contract with the union representing workers at four Caterpillar facilities.
The deal with the world's largest construction equipment maker over wage increases and other issues, possibly averted a strike.
The current six-year labor contract ended March 1.
Workers had threatened a strike for wage increases, improved safety measures and better healthcare benefits.
CATERPILLAR EARNINGS SHOW SALES UP 20% ON STRONG DEMAND
Caterpillar Inc. excavators are displayed for sale at the Whayne Supply Co. dealership in Louisville, Kentucky. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
"Members at four locals in Illinois and Pennsylvania will review the tentative agreement and vote at upcoming ratification meetings," the United Auto Workers (UAW) said in a statement, without giving any other details.
FOX Business has reached out to Caterpillar for comment.
CATERPILLAR TO MOVE GLOBAL HQ FROM ILLINOIS TO TEXAS
The contract covers roughly 7,000 union employees represented by UAW at three manufacturing plants in central Illinois and a parts and distribution center in York, Pennsylvania.
The Caterpillar logo is seen on a tractor in Gilbert, Arizona. (REUTERS/Joshua Lott / Reuters Photos)
CATERPILLAR, BOEING, RAYTHEON REVIVE HIGH-TAX STATE EXODUS
The union workers at the four Caterpillar facilities voted almost unanimously in January to authorize a strike, according to one local union's Facebook page.
CAT has more than 100,000 employees worldwide.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAT | CATERPILLAR INC. | 406.11 | +2.41 | +0.60% |
CLICK HERE TO GET THE FOX BUSINESS APP
The last strike at the company in the U.S. was in May 2012.
Reuters contributed to this report.