ICHIRO
- Boeing’s (NYSE:BA) shares rose 2.7% after the company sweetened a contract offer for about 33,000 machinists who went on strike at factories in the Pacific Northwest.
- The offer includes a pay hike of 30% over four years, a ratification bonus that was doubled to $6,000 and the reinstatement of the Aerospace Machinists Performance Program bonus, according to a statement. Boeing (BA) said the proposed contract is its best and final offer.
- The company previously offered a 25% raise, and was rejected as workers sought a 40% increase in wages. Members of the International Association of Machinists and Aerospace Workers went on strike on Sept. 13.
- Facing constraints on its cash flow, Boeing (BA) froze hiring and started furloughs for thousands of U.S. employees to reduce costs.
- The last time Boeing (BA) machinists went on strike was in 2008. The work stoppage lasted for about two months.
- The striking workers make Boeing’s (BA) best-selling 737 narrowbody jet, and the 767 and 777 widebody planes.