On Friday, Caterpillar Inc went down while workers favored a new six-year labor contract, avoiding a strike at the firm. Its stock price decreased by -5.79% to $227.01 per share on March 10. However, it is anticipated to rise by 0.43% to $227.98 apiece in its upcoming session.
The United Auto Workers (UAW) union mentioned that employees at four local chapters working in Caterpillar voted for the agreement.
Moreover, unionized workers accepted the contract outlining a 27.00% combined wage jump. It is a beneficial factor in the labor force’s retirement plans and a $6,000.00 bonus. The contract conditions will be immediately effective by March 13, UAW said. In addition, the recent agreement bans plant closures after years of Caterpillar moving production to other US facilities.
The deal covers around 7,000 union staff at plants in Central Illinois and some distribution centers in York, Pennsylvania. Still, how many voted to approve the contract needed to be reported.
Nonetheless, rank-and-file union workers in the company disagreed with the deal. They said that the wage increases were not proportional to the rising inflation.
Still, some members believe the agreement is the best Caterpillar offers after many years.
Furthermore, the UAW’s ratification with the construction equipment maker comes just six months before the deadline for the union.
CONEXPO Introduced New Caterpillar Wheel Loaders
On Sunday, Caterpillar announced the launches of new small wheel loaders, engines, rotary cutters, attachments, etc.
Individuals who attended the CONEXPO-CON/AGG 2023 will earn benefits. Advantages include a preview of the Next Generation 930 Wheel Loader in its outdoor Festival Lot.
Also, the target production for the equipment will be in late 2023. Other next-generation new small wheel loaders include the 926 and 938 models.
Analysts say the new loaders have upgraded joysticks with 200.00% longer service hour intervals. In addition, their engine oil, filters, and fuel filter service intervals improved to 1,000 hours for the next-gen heavy equipment.
Moreover, they added that operators would be glad to know that Caterpillar Payload is now standard on the new loaders.