Ford has announced a significant investment of more than $400 million in its Chicago-area factories as part of a tentative contract with the United Auto Workers (UAW). This move could potentially bring an end to the ongoing strike. The majority of this investment will be focused on Ford’s Torrence Avenue factory, which is responsible for producing Explorer SUVs.
According to Crain’s, an additional $30 million will also be allocated to the stamping plant in Chicago Heights that supplies parts for the Torrence Avenue assembly line. In addition to these investments, workers can expect substantial raises under this proposed contract. With potential increases exceeding 30% over four and a half years when considering cost-of-living adjustments.
The agreement also includes lump-sum payments for employees at the Torrence Avenue plant who have lost wages during the recent strike. UAW members are expected to vote on this contract in upcoming weeks.
This development from Ford represents a major boost for their operations in Chicago and demonstrates their commitment towards investing in their workforce and production capabilities.
