UAW Members at General Dynamics' Submarine Division Approve New Contract

Members of the union at General Dynamics Corporation (NYSE: GD )'s Electric Boat division approved a new contract on Wednesday.

The United Auto Workers (UAW), representing around 2,400 maritime designers at the firm, reported that 85% of their members approved the newly signed five-year contract, ensuring a 30% boost in wages along with enhanced wage progression. Under this pact, each participant will likely experience an additional $115,000 in remuneration throughout its duration.

A group of employees dressed in their company’s safety gear gaze into the sunrise.

Bill Louis, who serves as the President of Local 571, made the following remarks in an official statement:

“This round of negotiations was different. Our team put in significant effort and actively participated in our campaign. Following over ten years of merely surviving to continue fighting, we ultimately took a stand and earned the dignity that every worker is entitled to.”

This occurred more than a month following the authorization of a potential strike by UAW members at General Dynamics Corporation’s (NYSE: GD) submarine unit. The decision was made as part of their ongoing labor disagreement, which calls for cost-of-living increases to cope with rising prices.

General Dynamics Corporation (NYSE: GD), through its division Electric Boat which is part of the Marine Systems segment, constructs nuclear-powered submarines for the U.S. Navy.

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