Another piece of the Fiat-Chrysler alliance jigsaw has dropped into place after the United Auto Workers (UAW) union, that represents Chrysler's workforce in the United States, announced last night that a settlement agreement has been reached with Chrysler, Fiat and the U.S. Treasury Department. With the union that represents Chrysler's workers in Canada having already reached agreement, it means that the negotiations for concessions from the unions is now successfully completed.

When Chrysler’s Feb. 17 viability plan was rejected, President Obama gave Chrysler workers and the company a second chance, union officials said. This concessionary agreement, while painful, takes advantage of this opportunity. The settlement agreement, subject to ratification by UAW members at Chrysler, meets the requirements of U.S. Treasury Department loans to the company. It includes modifications to the union’s 2007 collective bargaining agreement and the Voluntary Employee Beneficiary Association (VEBA) trust.

“We recognize this has been a long ordeal for active and retired auto workers and a time of great uncertainty,” said UAW President Ron Gettelfinger. “The patience, resolve and determination of UAW members in these difficult times is extraordinary, and has made it possible for us to reach the agreement we will present to our membership. In the face of incredibly trying circumstances,” Gettelfinger said, “UAW Chrysler members have risen to the occasion, day in and day out, building top quality vehicles in a productive manner.”

“We’ll present the details of this settlement agreement directly to our members,” said UAW Vice President General Holiefield, who heads the union’s Chrysler Department. “Our ratification process must be completed on Wednesday, April 29. Once again our active and retired members are being asked to make extraordinary sacrifices in order to help Chrysler return to viability. In order for the company to have a sustainable future, all stakeholders will have to show the same willingness to contribute to the common good that has been demonstrated repeatedly by our membership.”