Stellantis
may be close to ending one strike but another has just begun.
Canadian union Unifor said it began strike action at all
Stellantis
(ticker: STLA) facilities in the country early Monday, with more than 8,200 workers walking out. The union said it has made progress and that negotiations will continue through the night.
The Chrysler parent reached a deal to end the six-week UAW strike Saturday just days after
Ford
(F) came to a tentative agreement with the union. However, the UAW said it will expand its
General Motors
(GM) strike, adding GM’s Spring Hill, Tenn., plant.
Just as GM is the last of three to reach an agreement with the UAW, Stellantis is the last of the trio to strike a deal with Unifor.
Unifor’s strike at Stellantis is a bit of a surprise, particularly as the union said Friday that after “days of stalling,” there had been movement from the Jeep owner.
This strike may not last long, though. Stellantis said it was “extremely disappointed” with the strike action, Reuters reported, and the company intends to keep bargaining until an agreement is reached.
Stellantis did not immediately respond to a request for comment early Monday.
The stock rose 1.5% in early premarket trading Monday, as investors digested both the good news around the UAW deal and the unexpected strike action by Unifor. GM stock pointed 0.8% higher, after falling 4.6% Friday, while Ford was up 0.8% following a 12% slump Friday.
Write to Callum Keown at callum.keown@barrons.com
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