United Auto Workers Leaders Endorse New Contract

September 21, 2011

Union leaders from General Motors (NYSE:GM) factories around the county have approved a new four-year contract with the company.They are recommending that GM's 48,500 factory workers approve the deals in votes during the next week.The agreement, which was reached in Friday, included a $5,000 signing bonus, but has no annual pay raises for most workers over the time of the contract.However, in addition to the signing bonus, they will get a minimum of $3.500 in profit-sharing next year and $250 per year for meeting quality targets, according to the deal's summary.General Motors (NYSE:GM) has a potential upside of 74.6% based on a current price of $22.58 and an average consensus analyst price target of $39.42.