Posts tagged Boeing
Striking Boeing workers boo after Democratic Sen. Maria Cantwell criticizes Trump
October 20, 2024 // She was drowned out by booing from the crowd in addition to some inaudible remarks. "My point is this," the senator began again after being unable to speak over the disruption. "Everywhere in America we need more affordable housing." "When you first hear that audio clip, it appears that they're booing whatever Donald Trump had done. The exact opposite is true," IAM 751 union member Dan Zahlman said in an interview Tuesday with "The Jason Rantz Show" on KTTH Seattle.
Unions Defy Their Leadership With More ‘No’ Votes on Contracts
October 16, 2024 // Fed up with inflation and seizing a moment of labor power, workers at Boeing, AT&T and Southwest reject deals negotiated by union bosses
Boeing’s labor strike is so bad that the US Labor Secretary just flew to Seattle to help
October 16, 2024 // Analysts at Anderson Economic Group estimated that the first month of Boeing's 33,000-worker strike, which started on September 13, cost the company and workers $5 billion. The last strike, in 2008, shuttered plants for eight weeks and hit revenue by an estimated $100 million per day. In regulatory filings Tuesday, Boeing announced plans to raise up to $35 billion. That includes a $10 billion credit agreement, while it may also sell up to $25 billion of securities.
Boeing will lay off 10% of employees as a strike shuts down airplane production
October 14, 2024 // About 33,000 union machinists have been on strike since Sept. 14. Two days of talks this week failed to produce a deal, and Boeing filed an unfair-labor-practices charge against the International Association of Machinists and Aerospace Workers. As it announced layoffs, Boeing also gave a preliminary report on its third-quarter financial results — and the news is not good for the company. Boeing said it burned through $1.3 billion in cash during the quarter and lost $9.97 per share. Industry analysts had been expecting the company to lose $1.61 per share in the quarter, according to a FactSet survey, but analysts were likely unaware of some large write-downs that Boeing announced Friday — a $2.6 billion charge related to delays of the 777X, $400 million for the 767, and $2 billion for defense and space programs including new Air Force One jets, a space capsule for NASA and a military refueling tanker.
Machinists’ strike could cost Boeing $1 billion a month, estimate suggests
October 10, 2024 // Right now, Boeing is graded a BBB- on the S&P scale, meaning the company has "adequate capacity to meet financial commitments," but is "more subject to adverse economic conditions." With the strike nearing the end of its first month with no end in sight, the financial analysis company could downgrade the aerospace manufacturer to a BB rating, meaning it faces "major ongoing uncertainties to adverse business, financial and economic conditions." This would drop the company below an investment-grade rating. In a statement sent Tuesday night, Boeing COO Stephanie Pope said the strike has "deeply affected our business, our customers and our communities," but said the company remains committed to reaching an agreement with machinists that "recognizes our employees and preserves our company's future." Pope alleged that during the latest negotiations the union made demands "far in excess of what can be accepted if we are to remain competitive."
Commentary: Labor unions are mobilizing in new and old industries alike
October 6, 2024 // How job security issues are addressed following this wave of strikes could set the tone for what other hospitality, manufacturing and transportation unions seek when their contracts are up for negotiation again.The Conversation
Op-Ed: Biden’s Longshoreman Strike
October 3, 2024 // American ports are less efficient than most in the world owing to union work rules and restrictions on automation.
Boeing drama: Imagine if a recent proposal to pay striking workers UI benefits had become law
October 1, 2024 // Giving UI benefits to striking workers would create an imbalance between business and labor, make strikes more frequent and lengthy, increase costs and services for consumers and hurt other workers in the state who are told they can rely on unemployment benefits. Giving fund dollars to people choosing not to work should offend all Washington state workers. These union-favor bills failed to pass the finish line in the last moments of the 2024 session, but big labor promises the policy proposal will be back. I hope lawmakers aren’t into it, especially after being able to clearly see what a Boing strike could do to the fund.
OPINION: For Workers, Strikes Offer High Risk, Low Reward
September 30, 2024 // The only way to avoid union retaliation is cancelling membership entirely. Beyond the rank-and-file, consequences of union strikes impact consumers, too. Last year, the healthcare industry, for example, saw the largest work stoppage in United States history as 75,000 hospital employees across five states plus Washington, D.C. walked off the job
Boeing strike costs top $1.4 billion as pressure on company mounts
September 27, 2024 // The second week of the strike was more costly than the first, “as is typical for major industrial strikes,” Anderson noted. After union members overwhelmingly voted to reject an initial contract proposal earlier this month, the IAM refused to vote this week on Boeing’s “best and final offer” that included a 30 percent pay hike and a $6,000 contract ratification bonus, double the initial offer.