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Ford to pay out profit-sharing checks averaging $9,000

Autoworkers at Ford Motor Co.'s Woodlawn plant and other U.S. factories will receive profit-sharing checks averaging $9,000.

The checks will be distributed on March 9. There are 56,000 United Auto Workers-represented workers at Ford, including about 950 at its metal parts stamping plant in Woodlawn.

The size of the profit-sharing checks is based on Ford's North American full-year, pre-tax profits, which in 2016 totaled $9 billion.

UAW Vice President Jimmy Settles in a statement said the checks "will provide a substantial benefit to their respective communities across this great country."

The union first secured profit sharing as part of its members' labor contract in 1982 and has maintained the provision through each successive round of negotiations, Settles said.

"Profit sharing is not a benevolent payout by the company, but something our members deserve and demand," he said.

It wasn't immediately known how many of the 950 workers at the Woodlawn plant would be eligible for the profit-sharing checks, since there are a limited number of exceptions. Hourly employees who accepted retirement separation packages last year are eligible for profit sharing based on their compensated hours prior to retirement, according to Ford.

Last year, Ford autoworkers received profit-sharing checks averaging $9,300.

General Motors will announce the size of its profit-sharing checks on Feb. 7, when the automaker releases its 2016 results. Those payouts will resonate in Western New York, where GM's two manufacturing plants employ more than 2,600 hourly workers. Last year, GM autoworkers received profit-sharing checks of up to $11,000.

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