Delphi and UAW in pact to cut wages

Struggling auto-parts maker Delphi Corp. reached a tentative wage-cutting pact with its largest union in what may set the pattern for pay in the U.S. vehicle-parts industry.

Details of the accord were not released. The pact was a condition of an equity investment of as much as $3.4 billion that Troy, Mich.-based Delphi needs to exit Chapter 11 bankruptcy proceedings. United Auto Workers officials said the pact would cut wages for longtime workers from around $27 an hour to $14 to $18.50 an hour.