General Motors Co. is close to reaching a tentative agreement that could put an end to the United Auto Workers union's ongoing nationwide strike, CNBC reported Sept. 25, citing people familiar with the negotiations.
Negotiators are reportedly expected to return to bargaining after a break tonight.
"All unsettled proposals are now at the main table and have been presented to General Motors, and we are awaiting their response," Terry Dittes, vice president and director of UAW General Motors Department, said in a statement.
The parties have been meeting daily since the strikes began Sept. 16 but talks have intensified in the past 24 to 48 hours, the report said.
According to CNBC, GM said negotiators will "continue to meet and our goal remains to reach an agreement that builds a stronger future for our employees and our business."
The nationwide strike is about to enter its 10th day. Analysts from Credit Suisse, Bank of America and Citigroup have earlier estimated the impact of the strike to be about $50 million to $100 million per day, while S&P Global Ratings analyst Lawrence Orlowski said the carmaker could lose up to about $1 billion in cash a week.
On Sept. 23, a GM spokesperson told S&P Global Market Intelligence that 1,225 more workers at the company's Ohio and Ontario plants were temporarily laid off as a result of the strike.
