Caterpillar workers ratify new 6-year contract with company

As part of its labor agreement with the United Auto Workers, Caterpillar agreed not to close any factories for the life of the agreement. (AP Photos)

IRVING, Texas — Unionized workers at Caterpillar Inc. have approved a new six-year contract with the company that includes a $6,000 ratification bonus, 19% in pay raises and 8% worth of lump-sum payments.

Members of the United Auto Workers union approved the deal over the weekend that covers 7,000 employees in Central Illinois and York, Pennsylvania. The new contract is effective immediately.