Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Stock

Boeing withdraws contract offer after talks with union end without a deal

Boeing withdrew a contract offer for 33,000 machinists who have been on strike since mid-September, and said further negotiations “do not make sense at this point.”

The machinists walked off the job on Sept. 13 after overwhelmingly rejecting a tentative labor deal, halting production of most of Boeing’s aircraft, which are made in the Puget Sound area. Boeing later sweetened the offer, increasing pay raises, a ratification bonus and other improvements, which the union turned down, arguing that it was not negotiated.

Talks again broke down this week, meaning the strike will continue. The stoppage will cost Boeing more than $1 billion per month, S&P Global Ratings said Tuesday as it issued a negative outlook for the aerospace giant’s credit ratings.

Stephanie Pope, CEO of Boeing’s commercial aircraft unit, said the company improved contract pay during talks this week but said the union didn’t consider the proposals.

“Instead, the union made non-negotiable demands far in excess of what can be accepted if we are to remain competitive as a business,” Pope said in a staff note.

The union, the International Association of Machinists and Aerospace Workers, said Tuesday that Boeing refused to improve wages, retirement plans and vacation or sick leave.

This post appeared first on NBC NEWS
Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Stock

    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...