Ford has announced a significant investment of over $400 million in its Chicago-area factories, as part of a deal with the United Auto Workers (UAW). This move is expected to potentially bring an end to the ongoing strike. The investment will primarily focus on the Torrence Avenue factory, where Ford manufactures Explorer SUVs.
According to Crain’s report, an additional $30 million will be allocated towards the stamping plant in Chicago Heights that supplies parts for the Torrence Avenue assembly line. As per the proposed contract between Ford and UAW workers, substantial raises are also included with potential increases of more than 30% over a period of four-and-a-half years when considering cost-of-living adjustments.
The agreement also offers lump-sum payments as compensation for wages lost during recent strikes at Torrence Avenue plant. UAW members are set to vote on this contract in upcoming weeks.
