Employees of the aircraft manufacturer Boeing have approved a new draft labor agreement, ending a seven-week strike
Writes UNN with reference to CNBC.
Boeing's union has approved a new labor agreement, ending a more than seven-week strike involving 33,000 employees in the United States that halted most of the aerospace corporation's aircraft production.
After rejecting two proposals, the IAM-District 75, a section of the Machinists Union (IAM), announced Monday night that 59% of its members approved an agreement that would provide a 38% wage increase over four years.
Boeing will now be able to resume production, which is key to its recovery, as most of the cost of aircraft is paid when they are delivered to customers.
Last week, the company raised more than $20 billion from a share sale to overcome its financial problems after warning that it would likely run out of cash by 2025.
To recap
Earlier, UNN reported that Boeing will cut 17 thousand jobs and postpone the first delivery of the 777X due to the strike.