Ford and the unions make a deal
It is widely accepted that Ford, under the leadership of former Boeing CEO, Alan Mulally, navigated the 2008/09 crisis much more wisely than did GM and Chrysler. Another chapter in Ford’s story of outsmarting its competitors was finished when, on Tuesday, the United Automobile Workers union (UAW) reached a tentative agreement, under which it has given the company more or less the same concessions GM and Chrysler have already received. Under the deal, UAW agreed to freeze pay for newly hired workers and agreed not to strike until 2015. The difference: with GM and Chrysler, the UAW didn’t have much choice, as both companies were going under.