CAW Pacts Ratified at Chrysler, GM

Canadian Auto Workers union members ratified new contracts at both General Motors Corp. and Chrysler LLC over the weekend, completing an unprecedented round of bargaining for the labor union and Detroit-based auto makers.

The new pacts were approved by 87% of workers at Chrysler and 84% of GM employees covered. Ford Motor Co. workers voted in favor of a new agreement two weeks ago, with 67% backing the deal.

The ratifications mean the CAW has locked up new contracts nearly four months ahead of the current agreement’s Sept. 16 expiration. The latest pacts take effect then.

Under the deal, base wages will be frozen and workers will give up a week’s vacation in exchange for C$3,500 ($3,527) in cash. In return, GM and Chrysler promised new investment at key plants.