Boeing was up 3% Friday on Wall Street after the majority union backed a new contract proposal from the company that will be put to a vote next Monday and could end the seven-week-long strike.
The International Association of Machinists and Aerospace Workers issued a statement Thursday night on X endorsing the latest proposal to its more than 33,000 members and urging them to approve it to “preserve profits” and end the strike.
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“In every negotiation and strike, there is a point at which we have extracted all we can in bargaining and withholding our labor. We are at that point now and risk a regressive or lesser offer in the future,” said the organization, also known as District 751.
The union rejected two previous proposals, the last one a week ago, the same day Boeing disclosed quarterly losses of more than $6 billion, the result of the 737 MAX production crisis, aggravated since September by the strike.
The new proposal to be voted on Monday improves on the previous offer and includes a 38% gross salary increase over four years, as well as a choice between a $12,000 bonus or a $7,000 bonus and a $5,000 contribution to the company’s pension plan, EFE reported.
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