Boeing's 17,000 White-Collar Workers Reject Contract, Strike Possible Oct. 7
BA sits 21% above its 52-week low of $176.77.
Summary
Boeing's largest white-collar union, SPEEA, rejected the company's four-year contract offer, with 64% of engineers and 72% of technical workers voting against it. The union authorized a strike, and the earliest walkout date is Oct. 7. Boeing is implementing its strike contingency plan, diverting funds intended for the SPEEA workforce. The rejected offer included wage increases compounding to about 32% over the contract term. A strike would disrupt engineering and technical operations at a time when Boeing is ramping 737 production toward record levels.
At the time of this announcement, BA was trading at $214.27 on NYSE in the Manufacturing sector, with a market capitalization of approximately $169.3B. The 52-week trading range was $176.77 to $254.35. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.