Allison Transmission Inc. and the union representing 1,500 Indianapolis workers have reached a tentative five-year agreement on new labor contracts, the company announced late Friday afternoon.

Members of United Auto Workers Local 933 must vote in favor of the collective bargaining agreements before they would go into effect. It was not immediately clear Friday afternoon when that vote will be.

“We are happy to come to this tentative agreement. Both parties have worked hard to develop an agreement that continues to build a future for our employees and Allison Transmission,” Robert Price, Allison Transmission’s vice president of human resources, said in a prepared statement.

“We are excited to continue providing our customers and business partners with the high level of products and services they have come to expect.”

Allison’s statement did not provide details on the proposed contracts.

Negotiators have been at the table since Sept. 4.

The previous contracts, signed in 2007, expired Wednesday, but the company and union agreed to extend the existing agreements another week.

Local 933 earlier in the week began preparing its members for a strike if the 2007 agreements expired with no new deal. But the contract extension stalled a walkout.