Reuters reported that auto parts supplier Dana Holding Corporation has reached new 3 year international labor agreements with United Auto Workers and United Steel Workers.

The Ohio based company, which employs about 22,500 people in 26 countries and reported 2010 sales of USD 6.1 billion, said that the new agreements are effective from June 1st 2011.

The agreements, which are reached about 10 weeks before the current contracts expire, were recently ratified by members of both unions at 20 facilities in the US.

Mr Martin Bryant, president of Dana's Light Vehicle Products Group said that "The entire negotiation process, from bargaining to ratification, was achieved on an expedited and mutually agreed upon timetable."

(Source from www.reuters.com)