Posts tagged Boeing
Boeing strike ends as workers accept new contract
November 5, 2024 // Boeing has said the average annual machinists' pay at the end of the new four-year contract will be $119,309, up from $75,608 previously. The pay increase may add $1.1 billion to Boeing's wage bill over the four years, while a $12,000 ratification bonus for each union member could result in another $396 million in outflows, according to analysts at Jefferies. More than 26,000 union members voted, putting turnout near 80%.
Boeing and IAM announce new contract vote on Nov 4
November 1, 2024 // With the assistance of Secretary of Labor Julie Su, the International Association of Machinist (IAM) 751 & W24 will be allowing its 33,000 members on Monday, November 4, to vote on an updated contract offer by Boeing with hopes to ending a 49-day strike that has cost billions of dollars in lost revenue.
Boeing Strike Is a Hot Mess. The Union Has Risk, Too.
October 29, 2024 // “The biggest change I’ve seen [recently] is it’s become cool among younger people to be part of a union,” says Jacobs. “It’s been decades since that’s been true…it’s a form of activism, it’s a form of progressive political behavior and that’s something I’ve never seen before.”
Boeing workers vote to reject contract deal, extending strike
October 24, 2024 // Boeing has announced plans to cut 17,000 jobs and is closing in on a plan to raise up to $15 billion from investors to help preserve its investment grade credit rating, while some airlines have had to trim schedules due to aircraft delivery delays. Ortberg warned on Wednesday there was no quick fix for the ailing planemaker.
Acting Labor Secretary Julie Su Criticizes Donald Trump’s Labor Record at IOP
October 22, 2024 // Though Su declined to address the former president by name, she argued that “hypothetically,” opposition to overtime pay, sexual harassment, and support for Elon Musk are incompatible with a “pro-worker” position. “I don’t care how many McDonald’s drive-throughs you pretend to work at,” Su said, referencing Trump’s Sunday visit to a Philadelphia McDonald’s where he served fries and answered questions through the drive-through window. Su was joined by Sara Nelson, the president of the Association of Flight Attendants-CWA, AFL-CIO to discuss the future of the American Labor Movement. Brett Story and Stephen Maing, directors of “UNION”— a documentary film that followed the unionization of Amazon workers in Staten Island, New York — were also on the panel.
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."