Teamsters union reaches new four-year contract agreement with BorgWarner

(Reuters) – The Teamsters Union, which represents more than 700 workers at BorgWarner (NYSE:), said on Tuesday it has reached an agreement for a new four-year contract with the auto parts maker.

The new contract reflects a 21% wage increase over the life of the agreement, along with better medical and vacation benefits and a $5,500 ratification bonus.

“We weren’t asking for the moon, just a piece of the pie. This new contract is exactly what we were fighting for,” said Lane Yon, a member of Teamsters Local 317 and chairperson of the strike committee.

Union workers at BorgWarner were on strike over the last two weeks, which was authorized by 98% by its members in a vote.