Chrysler, United Auto Workers Agree on Contract

By the Associated Press | October 12, 2011 | 7:05 AM EDT

FILE - In this photo taken July 24, 2011, a setting sun is reflected in the front grill of a new Chrysler for sale at the Chrysler dealership in Springfield, Ill. The United Auto Workers has asked local union leaders from Chrysler factories to meet in Detroit, normally a sign the union has agreed to a new contract with an automaker. (AP Photo/Seth Perlman, File)

Detroit (AP) — Chrysler Group and the United Auto Workers have reached a deal on a new four-year contract that creates 2,100 new jobs.

The union says in a statement Wednesday that Chrysler will invest $4.5 billion in its plants under terms of the deal.

The union gave few other details.

But the agreement is expected to be similar to deals reached earlier with General Motors Co. and Ford Motor Co.

Workers at those companies gave up pay raises for most union members in exchange for profit-sharing payments.

The Chrysler deal covers 26,000 workers.