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☆ Boeing’s crisis is getting worse. Now it’s borrowing tens of billions of dollars
▼ + stars: | 2024-10-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

In a regulatory filing early Tuesday, the company announced plans to borrow $10 billion from a consortium of banks. The company’s debt surged in the last six years as Boeing reported core operating losses of more than $33 billion. On Friday, Boeing’s new CEO Kelly Ortberg announced plans to cut 10% of its worldwide staff of 171,000 workers. Boeing’s offer to increase the raises to 30% over the life of the deal was also rejected by union negotiators. And Airbus doesn’t have the capacity to take on Boeing’s orders.

Persons: New York CNN —, Boeing’s, Kelly Ortberg, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, IAM, Federal Aviation Administration, Alaska Airlines, Airbus Locations: New York

☆ Boeing factory strike crosses 1-month mark as pressure mounts on new CEO
▼ + stars: | 2024-10-14 | by ( Leslie Josephs | ) www.cnbc.com time to read: +6 min

There's no doubt about that," said Harry Katz, a professor who studies collective bargaining at Cornell University's School of Industrial and Labor Relations. Late Friday, Jon Holden, president of the striking workers' union, IAM District 751, pushed for a return to negotiations. However, unlike during the last Boeing factory strike in 2008, there is more contract work in the Seattle area to help workers fill the gaps. Slashing workforceA Boeing 737 MAX aircraft is assembled at the Boeing Renton Factory in Renton, Washington, on June 25, 2024. Boeing 737 fuselages on railcars at Spirit AeroSystems' factory in Wichita, Kansas, US, on Monday, July 1, 2024.

Persons: Stephen Brashear, It's, Boeing machinists, Kelly Ortberg, bookends, Max, wasn't, Harry Katz, Jon Holden, Ortberg, Jennifer Buchanan, hasn't, they're, Richard Aboulafia, Ron Epstein, Nick Oxford Organizations: Boeing, Getty, Cornell University's School of Industrial and Labor Relations, National Labor Relations Board, International Association of Machinists, Aerospace Workers, IAM, Boeing Renton Factory, AFP, of America, Bloomberg, & $ Locations: Renton , Washington, Seattle, Friday's, underperformance, Wichita , Kansas

☆ Boeing strike has cost company and workers $5 billion, new analysis shows
▼ + stars: | 2024-10-13 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +4 min

CNN —Sunday marks one month since members of the International Association of Machinists began their strike against Boeing. The cost: nearly $5 billion, according to a new analysis by Anderson Economic Group, shared exclusively with CNN. Boeing’s workers and shareholders make up the bulk of the strike losses, at $3.7 billion, the new analysis shows. “Suppliers, Seattle-area businesses, and Boeing customers are paying part of the price,” said Patrick Anderson, CEO of Anderson Economic Group. Boeing’s customers — the airlines — are also feeling the financial pain, with $285 million in losses to Boeing customers worldwide.

Persons: ”, Patrick Anderson, Anderson, ” Kelly Ortberg, ” Stephanie Pope, Pope, “, John Holden, ” Holden Organizations: CNN, International Association of Machinists, Boeing, Anderson Economic Group, IAM, “ Suppliers, Anderson Economic, FAA, Department Locations: Everett , Washington, Seattle, Boeing Seattle

☆ Boeing to lay off roughly 10% of its workforce
▼ + stars: | 2024-10-11 | by ( Vanessa Yurkevich | Chris Isidore | ) edition.cnn.com time to read: +6 min

Union members are still angry that Boeing demanded they give up their traditional pension plans 10 years ago, when the company was doing well financially. Even with all of its problems, Boeing is likely at no risk of disappearing. If airlines that are Boeing customers cancel their order, they would have to wait five years for a comparable jet from Airbus. Boeing will discontinue that plane once its current orders are completed and delivered to customers in 2027. That plane is built by some of the union members now on strike.

Persons: “, ”, Kelly Ortberg, ” Ortberg, Max, Ortberg, Poor’s Organizations: New, New York CNN, Boeing, Alaska Airlines, National Transportation Safety Board, Space Station, International Association of Machinists, IAM, Airbus Locations: New York, United States, underperformance, Washington State

☆ Tensions are rising in the Boeing strike after the planemaker filed a complaint against the union
▼ + stars: | 2024-10-11 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The Boeing strike is growing increasingly ill-tempered as both sides have filed NLRB complaints. AdvertisementBoeing filed a complaint on Thursday with the National Labor Relations Board against the union representing 33,000 of its workers. Rising tensions are palpable, and a longer strike would continue to hurt Boeing. AdvertisementBank of America analyst Ron Epstein estimated that the strike is costing Boeing $50 million a day. "Given that position, further negotiations do not make sense at this point," Stephanie Pope, CEO of Boeing Commercial Airplanes, told employees in an email Tuesday.

Persons: —, Ron Epstein, Boeing's, Kelly Ortberg, Stephanie Pope, Mike Fitzsimmons Organizations: Boeing, Service, National Labor Relations Board, International Association of Machinists, Aerospace Workers, IAM, NLRB, Bank of America, Business, Airplanes, Seattle Times, BI Locations: Seattle

☆ Boeing withdraws contract offer after talks with union end without a deal
▼ + stars: | 2024-10-09 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Workers picket outside a Boeing Co. facility during a strike in Everett, Washington, US, on Monday, Sept. 16, 2024. Boeing Co. factory workers walked off the job for the first time in 16 years, halting manufacturing across the planemaker's Seattle hub after members of its largest union voted overwhelmingly to reject a contract offer and go on strike. 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." 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. 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.

Persons: Stephanie Pope, Pope Organizations: Boeing Co, Boeing, Puget, International Association of Machinists, Aerospace Workers Locations: Everett , Washington, US, Seattle

☆ Boeing's negotiations with union leaders break down 2 days after restarting
▼ + stars: | 2024-10-09 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

Boeing and union leaders resumed negotiations on Monday but reached a stalemate by the end of Tuesday. AdvertisementTalks between Boeing and union leaders have broken down two days after restarting. The first offer of a 25% pay rise was overwhelmingly rejected, while the union criticized Boeing for sending its second offer to the media and not negotiating with union leaders. "The company was hell-bent on standing on the non-negotiated offer," the union negotiating committee for IAM District 751 said on Tuesday. The IAM District 751 negotiating committee also said it "remains ready to continue mediated or direct talks."

Persons: —, Stephanie Pope, Pope, Ron Epstein, Jon Ostrower, Kelly Ortberg Organizations: Boeing, Bank of America, Service, International Association of Machinists, Aerospace Workers, IAM, The, Alaska Airlines Locations: Seattle, Pacific

☆ Talks between Boeing and striking union break down
▼ + stars: | 2024-10-08 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Boeing and the union that represents 33,000 striking employees at the company say talks between the two have broken down and no new talks are scheduled. A previous tentative agreement between the union and Boeing ahead of the strike was rejected nearly unanimously by the members now on strike. Union members are angry that they lost the traditional pension plan that they had at Boeing until 10 years ago. Boeing on Tuesday said that it is trying to reach a deal with the union that will bring the strike to an end. But the union said Boeing refused to improve the publicly disclosed offer of two weeks ago.

Persons: Stephanie Pope, ”, “ Organizations: New, New York CNN, Boeing, International Association of Machinists, Standard, Federal Aviation Administration Locations: New York, Washington

☆ The cost of Boeing's strike keeps rising as talks continue
▼ + stars: | 2024-10-07 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Boeing is set to resume negotiations with union bosses on Monday. Thousands of members of the IAM union have been on strike since September 13. A group of Bank of America analysts, led by Ron Epstein, estimated that the strike was costing Boeing $50 million a day. Some 33,000 Boeing workers represented by the International Association of Machinists and Aerospace Workers have been on strike since September 13. Nearly 95% of union members voted against Boeing's initial offer of a 25% pay rise across the four-year contract.

Persons: —, Ron Epstein, Kelly Ortberg, Boeing's Organizations: Boeing, Analysts, IAM, Service, Bank of America, International Association of Machinists, Aerospace Workers, Reuters, Business Insider

☆ The port strike is over. Here’s what happens next
▼ + stars: | 2024-10-04 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

Then union members will get additional $4-per-hour raises every year during the life of the six-year tentative deal. The union had been willing to consider the $4-an-hour deal before the strike, union boss Harold Daggett said on the picket line outside the Port of New York and New Jersey early Tuesday, soon after the start of the strike. Thursday’s deal likely is the end of the strike, but it doesn’t close the door on a new strike in the future. Should the members vote against the deal, the strike might start once again. But union members voted nearly unanimously to reject it and have remained on strike since September 13.

Persons: Harold Daggett, Bryan R, Smith, Helene, Bethann Rooney, ”, Rooney Organizations: New, New York CNN, United, International Longshoremen’s Association, United States Maritime Alliance, Getty, Port Authority of New, Hurricane Sandy, International Association of Machinists, Boeing Locations: New York, United States, East, Gulf Coast, Port of New York, New Jersey, Maine, Texas, Virginia, Port Newark, AFP, Port Authority of New York, Port, NY, NJ, Hurricane

☆ Sources: Striking port workers to return to work Friday as negotiators reach an agreement on wages
▼ + stars: | 2024-10-03 | by ( Vanessa Yurkevich | Chris Isidore | ) edition.cnn.com time to read: +4 min

Terms of the tentative deal on wages were not immediately available Thursday evening. A tentative deal would still need to be ratified by the rank-and-file ILA members before it would take effect. But with ships stuck at sea unable to come into US ports to unload and load goods, the union has agreed to have workers return to work on Friday. Still, should the members vote against the deal, the strike might start once again. But union members voted nearly unanimously to reject it and have remained on strike since September 13.

Persons: Biden, Joe Biden, Taft, Hartley, Kamala Harris, Transportation Pete Buttigieg, John McCown, containerization, USMX, Harold Daggett, Daggett Organizations: New, New York CNN —, International Longshoremen’s Association, United States Maritime Alliance, International Association of Machinists, Boeing, Business, Transportation, ILA, Shipping Locations: New York, Maine, Texas, United States

☆ Another unforced error by Boeing is souring the new boss’ good vibes
▼ + stars: | 2024-09-25 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Less than two months into his tenure as CEO, Ortberg has largely understood the assignment. See here: We’re nearly two weeks into a strike by Boeing’s largest labor union. Initially, Ortberg seemed to have buy-in from labor leaders, who publicly acknowledged that the new boss was walking into a conflict that predated him by 16 years. All of that gave the new boss, who spent his first day at work touring a factory floor, a kind of pro-labor halo. “This tactic is a blatant show of disrespect” to union members and the bargaining process, the International Association of Machinists wrote Monday.

Persons: CNN Business ’, Kelly Ortberg, Ortberg, ’, ”, International Association of Machinists, “, “ We’ve, Wheaton, ” Wheaton, ’ …, ” It’s, it’s, ” Ortberg, It’s, Richard Aboulafia, ” Aboulafia, what’s, …, CNN’s Chris Isidore Organizations: CNN Business, New York CNN, Boeing, machinists, International Association of, Cornell University’s School of Industrial and Labor Relations Locations: New York, what’s

☆ Boeing still has a long way to go to convince striking workers
▼ + stars: | 2024-09-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +1 min

Boeing and unionized workers remain at an impasse after 10 days of striking. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAfter 10 days on strike, Boeing and unionized workers remain at loggerheads with few signs of a prompt resolution. Some 32,000 Boeing employees are members of the International Association of Machinists and Aerospace Workers (IAM) and have been on strike since September 13.

Persons: — Organizations: Boeing, IAM, Service, International Association of Machinists, Aerospace Workers, Business

☆ Boeing sweetens offer to union as strike enters second week
▼ + stars: | 2024-09-23 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +2 min

The new offer raised pay, reinstated annual bonuses and increased a bonus that would be given upon the contract’s ratification, among other changes, Boeing said on its website. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company’s 401(k) match. The labor union, the International Association of Machinists and Aerospace Workers, didn’t immediately comment on the offer. Both Boeing and the union said they were disappointed with negotiations last week. The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.

Persons: didn’t, group’s, Kelly Ortberg, Ron Epstein Organizations: Boeing, International Association of Machinists, Aerospace Workers, Bank of America, CNBC Locations: Renton , Washington, Seattle

☆ Boeing sweetens labor proposal in 'best and final' offer as strike enters second week
▼ + stars: | 2024-09-23 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Boeing on Monday sweetened its contract offer and said it was its "best and final" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant's aircraft production, entered its second week. Boeing's new offer would raise general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match. The labor union, the International Association of Machinists and Aerospace Workers, didn't immediately comment on the offer. The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.

Persons: didn't, group's, Kelly Ortberg, Ron Epstein Organizations: Boeing, International Association of Machinists, Aerospace Workers, Bank of America, CNBC Locations: Renton , Washington, Seattle

☆ Boeing is raising its offer to end the strike
▼ + stars: | 2024-09-23 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

New York CNN —Boeing said Monday it has raised its offer to the International Association of Machinists union to end the strike by 33,000 union members that has now entered its 11th day. “We heard your feedback,” said a statement from Boeing to union members on its website. But it did not restore the traditional pension plan that union members lost 10 years ago in a previous labor agreement. An IAM spokesperson said the union did not have an immediate comment on the new offer. In a decision that took place just before the strike began, 95% of union members voted against the previous tentative labor agreement.

Persons: “, ”, “ We’ve Organizations: New, New York CNN, Boeing, International Association of, IAM, Union Locations: New York, West Coast, South Carolina

☆ Boeing union members are angry they lost their pension plan. They’re not likely to get it back
▼ + stars: | 2024-09-22 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

Now unions are pushing back, demanding the return of traditional pension plans their members lost in past concession deals. First, a traditional pension plan that pays retirees, or their survivors, a fixed amount of money every month until they die, known as a defined benefit plan. Far less than 1% have only a traditional pension plan. The loss of the traditional pension plan at Boeing 10 years ago is one of the issues driving the strike this year. But the deck is stacked against that kind of reopening of a pension plan at Boeing, even with “pension or bust” signs on the current picket lines.

Persons: International Association of Machinists, Jon Holden, haven’t, Stellantis, John Lawler, Craig Copeland, Lindsey Wasson, unamimously, “, ”, Brian Bryant, Bryant, “ They’re, they’ve, Copeland, they’ll Organizations: New, New York CNN, Boeing, Employers, International Association of, IAM, United Auto Workers, General Motors, Ford, UAW, ”, Research, CNN, Pension, Guaranty Corp, Federal Deposit Insurance Corp, IBM, “ Locations: New York

☆ Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes'
▼ + stars: | 2024-09-21 | by ( Leslie Josephs | ) www.cnbc.com time to read: +7 min

Matt Mills Mcknight | ReutersRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long. Boeing 737 Max planes sit at the airport in Renton, Washington. Boeing Machinists union members count votes to accept or reject a proposed contract between Boeing and union leaders and whether or not to strike if the contract is rejected, at the Aerospace Machinists Union Hall in Seattle, Washington, on September 12, 2024. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.

Persons: Matt Mills Mcknight, Cash, Boeing machinists, Boeing hasn't, Kelly Ortberg, Leslie Josephs, Louis, Jake Meyer, Meyer, Ron Epstein, Jason Redmond, today's, Ortberg, Biden, Pete Buttigieg, CNBC's Organizations: Boeing, Reuters, CNBC, Max, state's, Financial Management, Federal Reserve Bank of St, Bank of America, Aerospace Machinists, Hall, AFP, Getty, International Association of Machinists, Aerospace Workers, Workers Locations: Renton , Washington , U.S, Reuters RENTON, Wash, Seattle, Pacific Northwest, Renton , Washington, Renton, machinists, Washington, South Carolina, Seattle , Washington, Pacific, Oregon

☆ The Boeing strike has already cost the company and its workers $572 million – and the pace of losses is climbing
▼ + stars: | 2024-09-19 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +4 min

New York CNN —The strike at Boeing by 33,000 members of the International Association of Machinists union, which reaches its seventh day today, has already cost the company and workers $572 million, according to an estimate from Anderson Economic Group. “The first week of losses for Boeing are substantial, but they’ll pale in comparison to what comes in the following weeks,” Anderson told CNN. The strike at Boeing (BA), on the other hand, has yet to have a measurable economic impact on airlines so far, Anderson said. The losses for workers, primarily the 33,000 union members who have gone on strike, as well as for suppliers come to about $117 million in the first week. The strike will also cost about $10 million in local losses, including at businesses near the plants, according to Anderson.

Persons: Patrick Anderson, “, ” Anderson, Anderson, Kelly Ortberg, Boeing’s, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, Anderson Economic, CNN, General Motors, Max, Federal Aviation Administration, FAA, Airbus Locations: New York, Michigan, South Carolina

☆ Boeing is reducing executive pay and furloughing nonunion workers during the strike
▼ + stars: | 2024-09-18 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Boeing is temporarily furloughing executives and other nonunion workers to save cash during the strike by 33,000 members of the International Association of Machinists, CEO Kelly Ortberg told employees in an email Wednesday. The strike started early Friday morning. “We will not mince words - after a full day of mediation, we are frustrated,” the union said in a note to members. The company doesn’t seem to be taking mediation seriously.”A Boeing spokesman did not comment on details of the discussions. “We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship.”

Persons: Kelly Ortberg, ”, Ortberg, “, ” Ortberg Organizations: New, New York CNN, Boeing, International Association of Machinists Locations: New York, South Carolina

☆ Boeing freezes hiring and executives’ first-class travel as massive strike continues
▼ + stars: | 2024-09-16 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +2 min

CNN —With a massive ongoing strike, Boeing is making some temporary cutbacks that could hit non-union staff hard. Boeing Chief Financial Officer Brian West on Monday announced the company is instituting a freeze on hiring and non-essential travel, and it will consider furloughs for employees, managers, and executives. The company is temporarily restricting first-class and business travel, including for Boeing executives – although the company didn’t comment on whether top brass will still be able to use private corporate jets. West’s memo was a direct response to the ongoing strike with the International Association of Machinists and Aerospace Workers union. The company will also reduce charitable contributions, stop catering at Boeing facilities, and pause participation in trade shows and events.

Persons: Brian West, ” West, West, ”, Fitch, Moody’s Organizations: CNN, Boeing, Monday, International Association of Machinists, Aerospace Workers

☆ What this Boeing strike is really all about
▼ + stars: | 2024-09-14 | by ( Allison Morrow | Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —At the heart of the Boeing strike that began Friday is a story about what happens when penny-pinching executives lose the plot and it falls to workers to get everyone back on track. If Boeing were any other business — and not a too-big-fail half of a global duopoly — it almost certainly would have declared bankruptcy. Years of pent-up resentment over Boeing’s mismanagement, combined with pandemic-era inflation and a resurgent labor movement, made this strike inevitable. Ahead of the strike, Ortberg urged workers not to strike while acknowledging their anger over nearly two decades of past contracts that downsized their retirement and health care benefits. Almost exactly one year ago, the United Auto Workers union won historic guarantees from the Big Three automakers after a seven-week strike.

Persons: —, ”, Richard Aboulafia, James McNerney, Aboulafia, Kelly Ortberg, missteps, Ortberg, Jon Holden, “, — who’ve, Dave Calhoun’s, Holden, haven’t, ” Holden, Sharon Block Organizations: New, New York CNN, Boeing, SpaceX, International Association of Machinists, United Auto Workers, Big, UAW, hardball, Harvard Law School’s Center for Labor Locations: New York, January’s, Renton , Washington, Seattle, Virginia, South Carolina, Washington, United States

☆ Far-right origins of false pet-eating claims and Boeing workers to strike: Morning Rundown
▼ + stars: | 2024-09-13 | by ( Elizabeth Robinson | Elizabeth Robinson Is A Newsletter Editor For Nbc News | Based In Los Angeles. | ) www.nbcnews.com time to read: +6 min

How a fringe claim about immigrants eating pets made it to the mainstream. Boeing workers are set to strike. How a fringe claim about immigrants ‘eating the pets’ made its way to the debate stageIt started as a fringe obsession. “In Springfield they’re eating dogs,” Trump said, referring to an Ohio city dealing with an influx of Haitian immigrants. More 2024 election coverage:Boeing workers set to strike after rejecting contractMore than 30,000 Boeing workers are set to strike today, halting production on most of the company’s aircraft, after staff overwhelmingly rejected a new labor contract.

Persons: ’, Donald Trump, Kamala Harris, ” Trump, Read, Trump’s, Sen, JD Vance, Ohio, “, ”, It’s, Justin Wayne Halstenberg, San Bernardino County Sheriff Shannon Dicus, Halstenberg, Jason Anderson, Trump, Newsmax, Tua Tagovailoa, Edward Caban, Søren Rysgaard, — Evan Bush, there’s, Elizabeth Robinson Organizations: Boeing, “, Facebook, Trump, International Association of Machinists, Aerospace Workers, San Bernardino County Sheriff, Cal Fire, Miami Dolphins, Buffalo Bills, New York, New York City Police, Idaho Supreme, University of Idaho, Ivy League, Danish Army, seismologists, NBC Locations: Springfield , Ohio, Springfield, Ohio, Nazi, Seattle, Oregon, California, San Bernardino County, Southern California, Georgia, New York City, Idaho, Greenland

☆ Over 30,000 Boeing workers are preparing to strike after rejecting a new labor contract
▼ + stars: | 2024-09-13 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Read previewOver 30,000 Boeing workers, or about 20% of the company's employees, are preparing to strike on Friday after rejecting a new labor contract. Workers in Washington and Oregon voted against an agreement that Boeing and the labor union for machinists and aerospace workers proposed on Sunday. The vote was the first full contract vote in 16 years. The tentative labor contract, which included a pay increase over four years, was touted as another win for the beleaguered company. The proposal left workers unsatisfied, Jon Holden, president of the IAM's district 751 and lead negotiator on the Boeing contract, told Reuters on Monday.

Persons: —, Max, Kelly Ortberg, Ortberg, TD Cowen, Jon Holden, Holden Organizations: Service, Workers, Boeing, Business, International Association of Machinists, Aerospace Workers, IAM, Reuters Locations: Washington, Oregon, Boeing's, North America, Pacific Northwest, California, Renton , Washington, Seattle, IAM's

☆ Boeing warns strike will 'jeopardize' recovery, hurt aircraft production
▼ + stars: | 2024-09-13 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Union members hold picket signs during a news conference following a vote count on the union contract at the IAM District 751 Main Union Hall in Seattle, Washington, US, on Thursday, Sept. 12, 2024. Boeing CFO Brian West said a labor strike that began Friday will hurt aircraft deliveries and "jeopardize" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job. West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes. Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing. But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living.

Persons: Brian West, West, Sheila Kahyaoglu, Kelly Ortberg Organizations: IAM, Hall, Boeing, Max, Jefferies, International Association of Machinists, Aerospace Workers Locations: Seattle , Washington, US

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