Boeing said on Tuesday it has offered additional time and support to the union representing thousands of its striking workers in the U.S. West Coast to vote on its new labor offer, after an earlier Friday deadline was rejected.
Aerospace company Boeing Co (NYSE) has endured a tumultuous 2024, grappling with airplane safety concerns, astronauts stranded in space, and serious contract disputes with union workers.
Apart from a poor 2Q24 performance, obstacles continue to plague Boeing; ongoing worker strikes are likely to affect its operations and liquidity. Despite these, recent developments such as the change in the CEO and the acquisition of SPR indicate that the company is proactively addressing safety and quality issues. Core drivers such as passenger traffic growth, industry's capacity struggles, and a surge in defense spending will continue to support demand for Boeing's products and services.
It may seem surprising that spreads on Boeing bonds have tightened since the strike started, even as investors have been sellers, especially of longer-dated notes, on strong volumes.
CNBC's Phil LeBeau reports on news from Boeing.
Boeing's (BA) striking union workers pushed back against the company's latest contract offer Monday, saying Boeing "missed the mark" with its latest proposal.
The head of the Federal Aviation Administration told a U.S. House subcommittee Tuesday that safety culture improvements at Boeing may take three to five years to complete.
Boeing has told major customer Ryanair that production is likely to be disrupted for two to three weeks after the end of the current strike, Ryanair Group Chief Executive Michael O'Leary said on Tuesday.
Boeing and unionized workers remain at an impasse after 10 days of striking. The IAM criticized Boeing for direct-dealing tactics with its latest proposal.
Boeing Co (NYSE:BA, ETR:BCO) is facing more industrial headaches as unions reacted furiously to a new 30% pay offer described by the aeroplane maker as its ‘best and final' offer. More than 30,000 aircraft workers went on strike earlier this month after turning down a 25% pay rise offer.
Union negotiators slammed Boeing's new offer to lift hourly wages for striking workers by 30 percent on Monday, saying it "missed the mark" and won't be voted on by members.
Boeing is offering a 30% wage hike to its employees in a new proposal. Workers started striking on September 13 after rejecting a wage increase offer.