Boeing strike ends as workers accept latest contract offer, stock rises 2%

Update: Adds premarket stock move.

Boeing (NYSE:BA) workers have voted to accept the aircraft maker’s latest offer and end the nearly eight-week strike that halted key production and cost the company billions of dollars. The news sent its shares up 2.2% before the bell on Tuesday.

On Monday, 59% of members of the International Association of Machinists and Aerospace Workers District 751 voted in favor of ratifying the new contract, which includes a 38% pay hike over four years and improved retirement contributions.

“This contract will have a positive and generational impact on the lives of workers at Boeing (BA) and their families,” IAM district leaders Jon Holden and Brandon Bryant said in a joint statement. “We hope these gains inspire other workers to organize and join a union.”

Workers can return to work as early as November 6, IAM 751 announced, and all are required to return by November 12.

“We were pleased to reach a ratified agreement with IAM 751 & W24,” said Boeing (BA) CEO Kelly Ortberg. “There is much work ahead to return to the excellence that made Boeing an iconic company.”

Consulting firm Anderson Economic Group last week estimated that the strike caused losses of nearly $10B over six weeks to Boeing (BA) workers, suppliers and shareholders, making it the costliest strike in the U.S. this year.