UAW members reject labor deal with Ford

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NEW YORK (CNNMoney.com) -- The United Auto Workers union overwhelmingly rejected additional modifications to a 2007 labor agreement with Ford Motor that would have granted the auto company concessions similar to those ratified earlier this year for rivals Chrysler and General Motors.

A Ford (F, Fortune 500) representative said the contract would have given the automaker a freeze on entry-level wages that the union had already agreed to at General Motors (GM, Fortune 500) and Chrysler Group. It also would have provided some changes Ford's management sought on skilled job classifications, and set up an arbitration process on wages for the upcoming 2011 labor negotiations.

UAW said 70% of its membership in production and 75% in skilled trades voted against the agreement. "The membership is the highest authority in our union and we are respectful of the outcome," UAW officials said in a statement released Monday.

In March, the UAW-Ford membership approved changes to the 2007 agreement and the Voluntary Employee Beneficiary Association heath care trust. Those changes made Ford more competitive with foreign automakers.

"Ford is disappointed that the additional changes were not ratified," Joe Hinrichs, vice president of global manufacturing and labor affairs at Ford, said in a prepared statement. "The additional modifications we sought recently were designed to honor pattern bargaining and provide Ford with similar efficiencies as those ratified this year for our domestic competitors."

The union said it will not be returning to the bargaining table with Ford.

Shares of Ford were up nearly 9% in the afternoon. Earlier Tuesday, the company -- the only major U.S. automaker not to file for bankruptcy this year -- reported that it earned nearly $1 billion in the third quarter, compared to a loss of $161 million last year.