CAW sets Wednesday deadline for GM buyout deal

TORONTO, May 12 (Reuters) - The Canadian Auto Workers union has set a Wednesday deadline to reach a deal with General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) on buyouts and early retirement packages for some 1,200 union workers who will lose their jobs when GM closes a Windsor, Ontario, transmission plant in 2010.

CAW President Buzz Hargrove told reporters in a news conference on Monday that the union was ready to set aside its accelerated national contract talks with GM unless the two sides reached terms of a deal for GM's Windsor plant workers by 6 p.m. EDT (2200 GMT) on Wednesday.

The CAW said GM's Windsor transmission plant employs about 1,200 union workers and another 150 managers and other workers. GM announced plans to close the facility on Monday, near the start of accelerated national contract talks with the union. (Reporting by John McCrank, writing by Kevin Krolicki, editing by Gerald E. McCormick)