UAW to select Detroit 3 target for contract negotiations by next week

Williams: "It's our time. It's our moment. It is us in solidarity." Photo credit: BLOOMBERG

DETROIT -- The UAW says it plans to pick a Detroit 3 target for contract negotiations by Sept. 14, the day its current four-year labor accord with the major automakers ends.

UAW President Dennis Williams on Monday said the union has not yet selected the target company in ongoing negotiations with Ford Motor Co., General Motors and Fiat Chrysler Automobiles.

Williams said he will pick one of the three companies to be the target by Sept. 14.

The company selected will help set the pattern for major wages and benefits at all three companies.

For the first time in more than a decade, the union, Ford, GM and Fiat Chrysler are entering contract negotiations that aren't under a heavy economic cloud.

Still, the companies are trying to resist reverting to free-spending ways, especially with the U.S. industry's expansion slowing in its sixth year.

The union believes it is payback time.

"It's our time. It's our moment. It is us in solidarity," Williams told a union crowd in Detroit during a Labor Day speech on Monday.

The talks will set economic terms for more than 137,000 auto workers, representing $17 billion in wages and benefits, according to estimates by the Center for Automotive Research.

Bloomberg and Reuters contributed to this report.