The strike at Caterpillar‘s Joliet plant has ended in a crushing defeat for the union. Members agreed to accept a pay freeze for six years for most workers, and one 3% raise for those hired after May, 2005, a freeze on pension benefits, and a sharp increase in the worker share of health care premiums. Caterpillar is immensely profitable. It just gave its CEO a 60% increase in compensation, to $16.9 million. Based on the figures in the New York Times, I estimate the payroll at the Joliet plant at about $39 million.