Boeing makes new contract offer to defense workers, delaying strike

Jul. 30, 2022 9:20 PM ETThe Boeing Company (BA)By: Carl Surran, SA News Editor16 Comments

Boeing Logo on Building

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Boeing (NYSE:BA) made a new contract offer Saturday to ~2,500 union members at three defense manufacturing plants near St. Louis, temporarily avoiding a strike that was planned to start as soon as Monday

The International Association of Machinists and Aerospace Workers District 837 union said the members will vote Wednesday on the new proposal, just days after the workers voted to reject a previous draft.

Boeing (BA) said it hoped the workers would accept the new offer and settle the dispute that has focused largely on wages and retirement benefits.

The company's proposed three-year contract reportedly offers new workers an $8K lump-sum payment and scraps earlier plans to cut company contributions to employees’ 401(k) savings plans.

The three plants in St. Louis and St. Charles, Missouri, and Mascoutah, Illinois, build weapons and military aircraft including the F-15 combat jet, the T-7A trainer and the MQ-25 refueling drone.

Boeing (BA) last week reported mixed Q2 results that included surprise positive operating cash flow, but the company also lowered its 2022 delivery target for the 737 MAX.

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