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SaltWire's Atlantic regional weather forecast for October 24, 2023 | SaltWire - Illinois Tool Works on Tuesday narrowed its full-year profit forecast, as it expects United Auto Workers strikes to dent demand for its automotive parts in North America.
The Illinois-based company now expects its full-year profit to range between $9.65 and $9.85 per share, compared with its prior expectations of $9.55 to $9.95. More than 40,000 union members working at Ford, General Motors and Stellantis are now on strike since the walkouts began on Sept. 15. Businesses ranging from airlines to auto parts makers are starting to feel the heat from the strike by hourly workers at the Detroit Three automakers.
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