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Ford Motor Co said on Wednesday that it expects operating savings of $500 million per year from an agreement with the United Auto Workers that will push hourly wage rates into the "ballpark" of foreign-based rivals.
Ford said the agreement would trim its average wages for the 42,000 workers covered under the contract, including the value of benefits, to about $55 per hour this year, while the U.S. operations of foreign-based automakers -- or what auto executives call "transplants" -- pay workers on average $48 to $49 per hour. More here.
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