The deal recognizes employee contributions with significant pay and benefit increases and additional job security, the automaker said.
Georgia recently nabbed an agreement for a $5 billion Rivian electric vehicle plant. Rivian is one of the hot new electric vehicle startups.
The ventilators will be delivered to the national stockpile by August. The contract, worth nearly $500 million, is the first ventilator order placed using the Defense Production Act.
The UAW, the autoworker's union, had been pushing for a two-week shutdown because of worker concerns. Plants will be shut down at least through March 30.
When the union's GM national council reviews the deal's terms Thursday, it will decide whether nearly 50,000 workers should remain on strike or whether they should go back to work immediately.
General Motors and the United Auto Workers sit down soon to negotiate a new contract. Recession fears and slowing sales are concerns, along with allegations of corruption among UAW leaders.
As part of a major restructuring that will prioritize GM's electric and autonomous vehicle programs, the automaker plans to cut 15 percent of its workforce to save some $6 billion by the end of 2020.