Boeing reaches deal with union, potentially avoiding strike

Boeing (NYSE:BA) said it reached a deal with union leaders, potentially averting a strike that would halt major parts of its factory operations.

The union said the agreement includes substantial raises and job security for workers who assemble commercial planes in Puget Sound and Portland in the Pacific Northwest.

Management and the union reached a deal after a lengthy bargaining session. A strike vote is pending on Sept. 12 for a contract that expires at midnight.

It’s still too early to know if workers represented by the union, the International Association of Machinists and Aerospace Workers, will support the agreement.

“We have reached a tentative agreement with the union on a historic offer that takes care of you and your family,” Stephanie Pope, president and chief executive of the company’s commercial airplanes group, said in a statement. “The contract offer provides the largest-ever general wage increase, lower medical cost share to make healthcare more affordable, greater company contributions toward your retirement, and improvements for a better work-life balance.”