The Boeing strikers’ union announced on Saturday October 19 that it had reached an agreement in principle with the management of the aircraft manufacturer, more than a month after the start of the social conflict which is paralyzing the production of its flagship aircraft and costing billions. dollars to the company.
A few weeks before the American presidential election, this agreement in principle saw the light of day thanks to “help” of the Joe Biden administration, through its Minister of Labor, Julie Su, the union said on X. Negotiations have been taking place since mid-September under the aegis of federal mediators.
“We have received a negotiated strike resolution proposal that deserves to be considered and presented to our members”published on X the machinists’ union, the IAM, specifying that it will be put to the vote on Wednesday October 23. In this new proposal, Boeing notably proposes a salary increase of 35% over four years and a bonus of $7,000 upon signing the agreement.
Negotiations stalled over wages for several weeks, with unions demanding a 40% increase. On the other hand, the proposal does not provide for the reestablishment of the retirement system abolished in 2008, but an increase for the company in its share of pension contributions by capitalization of its employees. “We look forward to the vote of our employees on this negotiated proposal”the aircraft manufacturer reacted to Agence France-Presse (AFP) on Saturday.
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$7.6 billion in losses
The strike of more than 33,000 workers has paralyzed, since September 13, the group’s two main factories: that of Renton, which produces the 737, its best-selling plane, and that of Everett, which manufactures the 777, the 767 , and operates several military programs.
In recent weeks, the aircraft manufacturer has announced numerous measures to preserve and then replenish its cash flow, including a reduction of around 10% of its global workforce in the coming months, or 17,000 jobs. Boeing also announced several billion dollars of pre-tax charges in its accounts in the third quarter, partly due to the strike, as well as the cessation of production of the 767 Freight.
On October 15, the company also announced its intention to raise up to $25 billion in financial markets, as well as obtaining credit lines of $10 billion from several banks. In a stock market document, the company gave itself the possibility of placing various securities on the market, such as bonds or shares, in order to replenish its cash flow, damaged by the social movement.
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According to an estimate on Friday by the Anderson Economic Group (AEG), the five-week strike cost a total of $7.6 billion in direct losses, including at least $4.35 billion for Boeing and $1.77 billion for its suppliers.
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Boeing is going through a difficult time, marked by production quality problems for many months, which emerged with an in-flight incident at the beginning of January on an Alaska Airlines 737 MAX 9. The aircraft manufacturer, which is under the close surveillance of the American Civil Aviation Regulatory Agency (FAA), is the subject of several investigations, by Congress or the federal police.
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