GM and UAW Reach Tentative Agreement

DETROIT – General Motors and the United Auto Workers reached a tentative four-year agreement at approximately 11 p.m. EDT Friday.

“We used a creative problem solving approach to reach an agreement that addresses the needs of employees and positions our business for long-term success,” said Cathy Clegg, GM vice president, Labor Relations. ”We worked hard for a contract that recognizes the realities of today’s marketplace, enabling GM to continue to invest in U.S. manufacturing and provide good jobs to thousands of Americans.”

Since August 2009, GM has announced investments of more than $5.1 billion and created or retained almost 13,000 jobs in its U.S. manufacturing plants.

Terms of the four-year agreement are not being shared publicly to allow the UAW International to educate its membership about the agreement and conduct a ratification vote. The vote is expected to take place within the next seven to 10 days.

If ratified, the agreement would cover approximately 48,500 GM employees in the United States, who are represented by the UAW.

General Motors (NYSE:GM, TSX: GMM), one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 208,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 30 countries, and sell and service these vehicles through the following brands: Baojun, Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang, Opel, Vauxhall, and Wuling. The global Chevrolet brand celebrates its 100th anniversary in 2011. GM’s largest national market is China, followed by the United States, Brazil, the United Kingdom, Germany, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on the new General Motors can be found at www.gm.com.