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American Motors workers join those taking cuts

The United Automobile Workers and American Motors Corporation reached a tentative settlement on a new contract, leaving Chrysler as the only major company still facing union negotiations, Monitor correspondent Ed Townsend writes. The agreement, covering 14,000 auto workers, includes paycheck deductions for a 22-month employee investment plan aimed at helping the company finance a $1 billion product development program. American Motors will repay employees an estimated $150 million, beginning in 1985, with 10 percent interest. In return, the UAW gained substantial job guarantees.