Striking Boeing factory workers have approved a new five-year contract with the company, ending the second-longest strike in Boeing’s history.
The strike began on 4 August and included 3,200 members of the St. Louis area International Association of Machinists and Aerospace Workers Union District 837, who work on Boeing’s defence unit. The strike hampered production of Boeing’s fighter aircraft and munitions, the company said.
“IAM District 837 members stood strong and united for over three months. We thank our Bargaining Committee for their tireless efforts, and we appreciate the unwavering support of our members, their families, the St. Louis community, our labor allies, and elected officials throughout this fight,” wrote union members in a statement.
“We’re proud of what our members have fought for together and are ready to get back to building the world’s most advanced military aircraft.”
These employees will return to work from Sunday at Boeing plants in St. Louis and St. Charles in Missouri, and Mascoutah in Illinois.
Under the deal, workers’ average pay will increase by 24%, and will receive a US$6,000 signing bonus. The union rejected four previous offers from Boeing, having pushed for higher signing bonuses and an improved retirement plan.
This was Boeing’s second major strike in roughly one year, with 33,000 machinists in the Seattle area striking from September to November 2024. During that strike, Boeing lost an estimated $5.55 billion in earnings over its first six weeks.
Boeing’s (NYSE: BA) share price closed at $194.58, down from its previous close at $195.50. Its market capitalisation is $147.90 billion.
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