Caterpillar machinists reject latest offer

By WEEK Producer

May 30, 2012 Updated May 30, 2012 at 6:46 PM CDT

JOLIET, Ill. -- More than 80% of striking machinists at the Caterpillar plant in Joliet rejected the company's latest offer.

Almost 800 members of the union went on strike earlier this month after their contract with Caterpillar expired without a new agreement.

A Union representative said that the company's newest offer did not include wage hikes, but did offer a $1,000 signing bonus.

Caterpillar released a statement stating the contract offer will remain open until June 10th, and if it is not approved by then, the company will revert back to the terms of the April 27th "Last, Best and Final Offer".