Boeing workers to go on strike as union rejects labor deal

Investing.com
Updated
Mitrade
coverImg
Source: Shutterstock

Investing.com-- More than 30,000   Boeing Co   (NYSE:BA) workers will go on strike from Friday after the company’s West Coast factory workers voted to strike over demands for higher pay, presenting more challenges for the planemaker. 


The strike is set to commence from midnight, Pacific time (0700 GMT), and is the company’s first major strike since 2008. Reports from local media outlets in Washington showed 96% of workers voted in favor of the strike, with workers stating that the pay and benefits offered by the company in recent negotiations were insubstantial to live on.


The strike represents another major headwind for the planemaker, which is struggling to restore its reputation in the wake of more quality issues with its crafts. Scrutiny of Boeing was rekindled this year after a door panel blew off a 737 MAX jet in January, while a failure in the company’s Starliner spacecraft stranded two astronauts aboard the International Space Station. 


Friday's strike represents another major challenge for new Boeing CEO Kelly Ortberg, who was appointed in August to help restore the legacy planemaker's reputation.


Boeing’s last strike, in 2008, had cost the company roughly $1.3 billion in staggered production and higher wages.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
U.S. shares mixed at close of trade; Dow Jones Industrial Average down 0.04%Investing.com – U.S. equities were mixed at the close on Tuesday, as gains in the Oil&Gas, Consumer Services and Financials sectors propelled shares higher while losses in the Telecoms, Healthcare and
Author  Investing.com
16 hour ago
Investing.com – U.S. equities were mixed at the close on Tuesday, as gains in the Oil&Gas, Consumer Services and Financials sectors propelled shares higher while losses in the Telecoms, Healthcare and
placeholder
Tupperware files for bankruptcy as turnaround plan falls throughInvesting.com-- Food storage maker Tupperware Brands Corporation (NYSE:TUP) filed for bankruptcy on late-Tuesday as the firm’s turnaround plan largely failed to shore up its business and as it grappled with a dire cash crunch due to lagging sales.
Author  Investing.com
16 hour ago
Investing.com-- Food storage maker Tupperware Brands Corporation (NYSE:TUP) filed for bankruptcy on late-Tuesday as the firm’s turnaround plan largely failed to shore up its business and as it grappled with a dire cash crunch due to lagging sales.
placeholder
Jefferies sees a $1.3 billion FCF hit per month for Boeing as IAM votes to strikeInvesting.com -- Boeing (NYSE:BA) is facing a potential monthly free cash flow (FCF) hit of over $1.3 billion as the IAM 751 union voted overwhelmingly to strike.
Author  Investing.com
Sep 14, Sat
Investing.com -- Boeing (NYSE:BA) is facing a potential monthly free cash flow (FCF) hit of over $1.3 billion as the IAM 751 union voted overwhelmingly to strike.
placeholder
U.S. shares higher at close of trade; Dow Jones Industrial Average up 0.72%Investing.com – U.S. equities were higher at the close on Friday, as gains in the Utilities, Basic Materials and Consumer Services sectors propelled shares higher.
Author  Investing.com
Sep 14, Sat
Investing.com – U.S. equities were higher at the close on Friday, as gains in the Utilities, Basic Materials and Consumer Services sectors propelled shares higher.
placeholder
Hedge funds are selling Big Tech, Tesla remains a net short: JefferiesInvesting.com -- Hedge funds have recently made changes to their equity portfolios, with significant reductions in exposure to Big Tech stocks, while Tesla (NASDAQ:TSLA) remains a prominent net short, as per Jefferies.
Author  Investing.com
Sep 13, Fri
Investing.com -- Hedge funds have recently made changes to their equity portfolios, with significant reductions in exposure to Big Tech stocks, while Tesla (NASDAQ:TSLA) remains a prominent net short, as per Jefferies.