SEATTLE (AP) — Factory workers at Boeing voted to accept a contract offer and end their strike after more than seven weeks, clearing the way for the aerospace giant to resume production of its bestselling airliner and generate much-needed cash.
SEATTLE — Factory workers at Boeing voted to accept a contract offer and end their strike after more than seven weeks, clearing the way for the aerospace giant to resume production of its bestselling airliner and generate much-needed cash.
Bank of America analysts estimated last month that Boeing was losing about $50 million a day during the now-ended strike, which did not affect a nonunion plant in South Carolina where the company makes 787s. The average annual pay of Boeing machinists is currently $75,608 and eventually will rise to $119,309 under the new contract, according to the company. The union said the compounded value of the promised pay raise would amount to an increase of more than 43% over the life of the agreement.Although she voted “yes,” Seattle-based calibration specialist Eep Bolaño said the outcome was “most certainly not a victory.
Union leaders had endorsed the latest proposal, saying they thought they had gotten all they could though negotiations and the strike. Along with the wage increase, the new contract gives each worker a $12,000 ratification bonus and retains a performance bonus the company wanted to eliminate. A continuing strike would have plunged Boeing into further financial peril and uncertainty. Last month, Ortberg announced plans to layoff about 17,000 people and a stock sale to prevent the company’s credit rating from being cut to junk status.
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