Ford, auto union reach labor agreement

Detroit-based Ford Motor Co. and the United Auto Workers union announced Tuesday they had agreed to a four-year labor agreement both sides say will add jobs by 2015.

The sides say the deal, which will still have to be approved by UAW members, will create 5,750 new jobs at Ford facilities across the country.

It calls for Ford to spend $16 billion on its U.S. operations, including $6.2 billion for plants, and retain 12,000 positions in total.

Ford called the deal "fair to our employees" and said that it "improves Ford’s competitiveness in the U.S.

“This agreement allows us to make even more progress on our One Ford plan and our focus on the great products, stronger business and better world that will deliver continued profitable growth for all,” Ford vice president of Global Manufacturing and Labor Affairs said in a statement.

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