UAW Members at General Dynamics Corporation (GD)'s Submarine Division Vote to Ratify New Contract

Union members at General Dynamics Corporation (NYSE:GD)’s Electric Boat unit voted to ratify a new contract on Wednesday.

The United Auto Workers (UAW), which represents approximately 2,400 marine drafters at the company, stated that 85% of its members voted in favor of the new five-year agreement, securing a 30% wage increase and improved wage progression. Each member is expected to see a $115,000 increase in compensation during the agreement.

Bill Louis, President of Local 571, stated the following in a statement:

“We did negotiations differently this time. Our members worked hard and got involved in our campaign. After more than a decade of ’living to fight another day,’ we finally stood up and won the respect that all workers deserve.”

This comes over a month after UAW members authorized a strike at General Dynamics Corporation (NYSE:GD)’s submarine division, amid a labor dispute demanding cost-of-living adjustments to keep up with inflation.

General Dynamics Corporation (NYSE:GD)’s Electric Boat is part of the Marine Systems segment and is responsible for building nuclear-powered submarines for the U.S. Navy.

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