Boeing and its largest union reached agreement on a new contract that, if ratified, will avoid a strike that threatened to shut down aircraft production.
FILE - Boeing 737 MAX airplanes are shown on the assembly line during a media tour at the Boeing facility in Renton, Wash., June 25, 2024. Boeing and its largest union said Sunday they reached agreement on a new contract that, if ratified, will avoid a strike that threatened to shut down aircraft production by the end of the coming week.
The president of Boeing’s commercial airplanes division, Stephanie Pope, said Sunday in a video for employees that the proposed contract includes the company’s largest-ever general wage increase. She said the promise to build Boeing’s next new airliner in the Puget Sound area means job security for generations to come.
The new chief executive, Kelly Ortberg, will try to reverse $27 billion in losses since the start of 2019. His assignment includes fixing problems in Boeing’s aircraft-manufacturing process, gaining regulatory approval for the long-delayed 777X jumbo jet, limiting damage from over-budget government contracts, paying down $45 billion in net debt, and absorbing Spirit AeroSystems, the money-losing key supplier that Boeing just bought for $4.7 billion.
An eight-week strike in 2008, the longest at Boeing since a 10-week walkout in 1995, cost the company about $100 million a day in deferred revenue.Before the tentative agreement was announced, Jefferies aerospace analyst Sheila Kahyaoglu estimated that a strike would cost the company about $3 billion based on the 2008 strike plus inflation and current airplane-production rates.
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