Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Michelle Obama facing backlash over claim about women’s...
Hamas agrees to release 10 more hostages
ROBERT MAGINNIS: 9 signs Beijing’s Taiwan invasion may...
Iran condemns Austria over report on advanced nuclear...
Israel hostage deal in doubt as Hamas adds...
White House urges Iran to accept nuclear deal...
Trump warns Rand Paul he’s playing into ‘hands...
Senate Republicans eye changes to Trump’s megabill after...
Trump shares post saying Biden was executed, replaced...
House Dems’ campaign chair says her party’s ‘on...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

Boeing machinists reject new labor contract, extending strike

by admin October 25, 2024
October 25, 2024
Boeing machinists reject new labor contract, extending strike

Boeing machinists voted against a new labor deal that included 35% wage increases over four years, their union said Wednesday, extending a more than five-week strike that has halted most of the company’s aircraft production, which is centered in the Seattle area.

The contract’s rejection by 64% of the voters is another major setback for the company, which warned earlier Wednesday that it would continue to burn cash through 2025 and reported a $6 billion quarterly loss, its largest since 2020.

The strike is costing the company about $1 billion a month, according to S&P Global Ratings.

New CEO Kelly Ortberg had said reaching a deal with machinists was a priority in order to get the company back on track after years of safety and quality problems.

“My focus is getting everybody looking forward, get them back to work, improve that relationship,” Ortberg told CNBC’s “Squawk on the Street” earlier in the day, when asked about the strike.

Ortberg’s laid out his vision for Boeing’s future, which could includes slimming down the company to focus on core businesses. Earlier this month, he announced Boeing will cut 10% of its global workforce of 170,000 people.

Boeing’s more than 32,000 machinists in the Puget Sound area, in Oregon and in other locations walked off the job on Sept. 13 after overwhelmingly voting down a previous tentative agreement that proposed raises of 25%. The International Association of Machinists and Aerospace Workers union had originally sought wage increases of 40%. It is the machinists’ first strike since 2008.

The latest proposal, announced last Saturday, included 35% raises over four years, increased 401(k) contributions, a $7,000 bonus and other improvements.

Workers had pushed for higher pay amid a surge in living costs in the Puget Sound area. Some machinists were upset about losing their pension plan in a previous contract that they signed in 2014, but the latest proposal didn’t offer a pension.

Boeing agreed in the new contract to build its next aircraft in the Pacific Northwest, which had also been a sticking point with unionized workers after Boeing moved all of its 787 Dreamliner production to a non-union factory in South Carolina.

“We have made tremendous gains in this agreement. However, we have not achieved enough to meet our members’ demands,” said Jon Holden, president of IAM District 751, at a news conference Wednesday night. He said the union will push to go back to the negotiating table.

Boeing declined to comment on the voting results.

The labor strife is the latest in a long list of problems at Boeing, which started the year when a door plug blew out midair from a packed Boeing 737 Max 9, its best-selling plane, reigniting regulator scrutiny of the company.

The strike began as Boeing was working to ramp up production of the 737 and other aircraft.

The extended stoppage is also a challenge for the aerospace supply chain, which is fragile coming out of the pandemic, as the company’s web of suppliers had to train new workers quickly.

Spirit AeroSystems last week said it would temporarily furlough about 700 workers and that layoffs or other furloughs are possible if Boeing machinists’ strike continues.

This post appeared first on NBC NEWS

previous post
Harris doubles down on ‘fascist’ comments at start of CNN town hall: ‘unstable’
next post
Dore Copper Mining: Copper-Gold Exploration in the Chibougamau area of Québec, Canada

You may also like

U.S. lawmakers move to ban China’s DeepSeek from...

February 7, 2025

Starbucks to lay off 1,100 corporate workers as...

February 25, 2025

Women’s basketball league Unrivaled secures $28M in funding...

December 18, 2024

Why the LA Rams are worth $2 billion...

September 6, 2024

Target stock falls 21% as big discounting effort...

November 21, 2024

Spanish retailer Mango to open 60 new U.S....

November 27, 2024

Apple releases first preview of its long-awaited iPhone...

July 30, 2024

Trump Media reports $16 million loss for quarter...

August 13, 2024

Disney raises streaming prices for Hulu, Disney+ and...

August 8, 2024

UnitedHealthcare taps company veteran Tim Noel as new...

January 25, 2025

Recent Posts

  • Michelle Obama facing backlash over claim about women’s reproductive health
  • Hamas agrees to release 10 more hostages
  • ROBERT MAGINNIS: 9 signs Beijing’s Taiwan invasion may be imminent
  • Iran condemns Austria over report on advanced nuclear weapons program
  • Israel hostage deal in doubt as Hamas adds demands, US envoy calls terms ‘unacceptable’

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (752)
    • Investing (2,219)
    • Politics (2,748)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.