Boeing Strike Ends as Workers Accept New Contract

Forex - Boeing's West Coast factory workers accepted the company's new contract proposal during a vote on Monday. The acceptance of the proposed offer ended a seven-week strike. The union stated that 59% of the members voted in favor of the new contract, which includes a 38% wage increase spread over four years, alleviating pressure on new Boeing CEO Kelly Ortberg following the rejection of two previous offers in recent weeks. Jon Holden, the union's chief negotiator, addressed the members after the results were announced, saying, "This is a victory. We can hold our heads high." Approximately 33,000 machinists working on the best-selling 737 MAX jets, as well as 767 and 777 wide-body aircraft, had been on strike since September 13, demanding a 40% wage increase and the reinstatement of a defined pension that was lost a decade ago. The International Association of Machinists and Aerospace Workers (IAM) noted that workers could begin producing aircraft again starting Wednesday and should be back on the job by November 12, while Boeing warned that some employees would need retraining due to their extended absence from the factory. Analysts indicated that the strike cost Boeing approximately $100 million in lost revenue per day, prompting the aircraft manufacturer to raise $24 billion from investors last week to maintain its investment-grade credit rating.