[Bloomberg via Yahoo] Boeing Co. and union leaders representing 33,000 striking workers reached a tentative agreement to end a lengthy labor dispute that’s crippling the company’s commercial airplane manufacturing.The company’s latest proposal would boost wages by 38% over four years and give workers a $12,000 signing bonus if it’s approved, the International Association of Machinists and Aerospace Workers said in a statement.
IAM District 751 urged its members to accept the Boeing offer and end the strike, warning they risked losing gains they’ve made after weeks of collective bargaining. The union plans to hold a vote on the proposal on Nov. 4.
"In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor," the union said late Thursday. "We are at that point now and risk a regressive or lesser offer in the future."
Boeing’s shares rose as much as 2.8% in after-hours trading. The stock had plunged 43% so far this year through the close of Thursday’s session.
The latest attempt to end the labor strife comes after 64% of members of IAM District 751 voted to reject Boeing’s third contract offer, which would’ve hiked wages by 35% over four years. Ratification would represent a critical win for new Chief Executive Officer Kelly Ortberg, clearing the way to move forward with plans to rebuild Boeing’s culture and improve the quality of work in its factories.
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