Thousands of Boeing workers in the Seattle area are on strike after rejecting a new contract, potentially costing the company over $100 million per day. The strike could reach several billion dollars if prolonged, impacting Boeing’s already strained finances and credit rating.
A strike sign hangs from a post near a Boeing sign as Boeing factory workers and supporters gather on a picket line during the third day of a strike near the entrance to a Boeing production facility in Renton, Wash., on Sept. 15. Boeing could lose over $100 million in daily revenue until it reaches a settlement with its union that represents more than 30,000 workers, analysts said on Monday.
The strike, Boeing’s first since 2008, is the latest event in a tumultuous year for the company that began with a January incident when a door panel detached from a new 737 MAX jet mid-air. Shares have lost roughly 40% in value so far this year. Last week all three major ratings agencies warned that a prolonged strike could cost the company its investment-grade rating. That would increase borrowing costs for Boeing, which already has a $60-billion debt pile.
Boeing Strike Workers Contract Revenue Finances
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