Boeing ($BA) defense workers rejected the company’s latest contract proposal, extending a strike that began on August 4 and involves about 3,200 members of the IAM Union in Missouri and Illinois.
Key facts:
- Union workers voted down the deal, citing an insufficient signing bonus and lack of 401K benefit improvements.
- Boeing’s offer included average wage growth of 45% and a $4,000 ratification bonus, down from $5,000 in the prior offer.
- The proposed contract extended to five years and would have raised average pay from $75,000 to $109,000 by its end.
- Boeing said 78% of workers would have had the potential for wage growth above 45%.
- No new negotiations are scheduled, and Boeing plans to continue with contingency measures, including hiring permanent replacements.
- Boeing stock fell 1.7% during the vote and was down 1.37% afterward.
Relevant Companies
- Boeing ($BA): Directly impacted by the ongoing strike, labor costs, and defense production delays.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
