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Ford and United Auto Workers agree on stock deal for union trust | detnews.com | The Detroit News |
Ford Motor Co. today announced that it has reached a new agreement with the United Auto Workers that will allow the company to cover half its obligations to a union-run trust fund with company stock at current market values.
The Dearborn automaker had reached an agreement earlier this year that allowed it to make half of its payments to the voluntary employees' beneficiary association, or VEBA, in stock, but that deal set the price at around $2 a share. Since then, Ford shares have more than tripled in value, making that an unattractive option for the company.
The new deal is expected to save the company billions in cash and is also expected to be less dilutive for existing shareholders.
Chief Financial Officer Lewis Booth said Ford does not expect any additional changes to the UAW contract in the near term.
"We have potential opportunities in the longer term," he said.
[source]
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