Boeing's stock rises as aviation giant raises offer on labor deal

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.

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Boeing’s stock rises as aviation giant raises offer on labor deal