
Boeing’s 33,000 production workers voted to end their seven-week strike yesterday, approving a 38% pay raise over four years—the aerospace company's fourth contract offer since September.
The company’s latest offer is two points shy of the 40% the union called for—and up from the 25% offer workers rejected in September, which prompted the walkout and brought the company’s commercial airplane production to a standstill. This latest offer raises average machinist pay to $119.3K per year for workers largely based in Seattle and Portland, Oregon. Union members can return to work as soon as tomorrow or as late as Nov. 12.
Boeing reported a $6.1B quarterly loss last month; analysts say the stoppage has cost Boeing an estimated tens of millions of dollars in lost revenue per day. Shares have fallen over 40% this year amid the strike and concerns over Boeing’s 737 Max aircraft. See an overview of Boeing's recent struggles here (w/video).
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