(RTTNews) – Ford Motor Company (F), the American automotive major, Monday announced that its Canadian unit, Ford Motor Company of Canada, Limited and Unifor-represented hourly employees have ratified a new three-year national collective agreement.
As part of the collective agreement, Ford plans to invest $900 million across its Canadian manufacturing operations, including an additional $500 million to maximize 5.0-litre engine production at Essex Engine Plant which comprises of a forecasted third shift, and to support continued expansion and production of the 7.3-litre engine in Essex.
This also includes a previously planned $400 million at Oakville Assembly Complex over the life of the agreement.
Ford Canada’s hourly employees will receive a 9 percent increase in general wages over the life of the agreement, a C$10,000 ratification bonus for eligible full-time permanent employees and C$2,000 for temporary employees, increases to retirement programs, adjusted starting base wage for new hire wage progression schedule.
On Friday, shares closed at $14.23, up 0.28% on the New York Stock Exchange.
