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Boeing Co. (NYSE:BA) is facing significant financial and production challenges following a January incident where a panel blew out mid-air on a 737 MAX jet.
Despite these issues, the International Association of Machinists and Aerospace Workers (IAM) reportedly remains resolute in their readiness to strike if necessary to secure better retirement benefits and wage increases for over 30,000 workers in Washington state.
The IAM is pushing for wage hikes exceeding 40% over the next three to four years and enhanced retirement benefits, reported Reuters.
Union president Jon Holden of IAM District 751 emphasized that workers are committed to achieving a favorable agreement, even if it means striking.
The strike authorization vote is set for July 17, but any strike action would not occur until after the current contract expires on September 12.
During ongoing negotiations, Boeing has resisted union demands for higher wages and a seat on the company’s board of directors.
Also Read: FAA Issues New Safety Directive For Boeing 757-200 Over Cracking Concerns
Holden stated, “They’re not open to it at this point. But it’s important for us to continue to push because it is about ensuring that those at the highest level of this company understand that they are missing the voice of workers.”
The crisis deepened for Boeing after the January incident involving an Alaska Airlines 737 MAX.
The company’s CFO indicated that Boeing expects to burn cash in 2024 and does not foresee an increase in deliveries for the second quarter.
Additionally, the U.S. government sanctioned Boeing for disclosing details of the panel blowout investigation during a media event.
Workers demonstrated at Boeing’s Renton plant to coincide with a media tour showcasing quality improvements. Holden mentioned that the union has yet to see Boeing’s 90-day quality improvement plan, although Boeing claims to have discussed it with him.
Boeing stock has lost more than 13% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Aerospace & Defense ETF (BATS:ITA) and Invesco Aerospace & Defense ETF (NYSE:PPA).
Price Action: BA closed higher by 2.25% at $182.51 on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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