👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

Boeing workers to go on strike as union rejects labor deal

Published 13/09/2024, 05:56
© Reuters
BA
-

Investing.com-- More than 30,000 Boeing Co (NYSE:BA) workers will go on strike from Friday after the company’s West Coast factory workers voted to strike over demands for higher pay, presenting more challenges for the planemaker. 

The strike is set to commence from midnight, Pacific time (0700 GMT), and is the company’s first major strike since 2008. Reports from local media outlets in Washington showed 96% of workers voted in favor of the strike, with workers stating that the pay and benefits offered by the company in recent negotiations were insubstantial to live on.

The strike represents another major headwind for the planemaker, which is struggling to restore its reputation in the wake of more quality issues with its crafts. Scrutiny of Boeing was rekindled this year after a door panel blew off a 737 MAX jet in January, while a failure in the company’s Starliner spacecraft stranded two astronauts aboard the International Space Station. 

Friday's strike represents another major challenge for new Boeing CEO Kelly Ortberg, who was appointed in August to help restore the legacy planemaker's reputation.

Boeing’s last strike, in 2008, had cost the company roughly $1.3 billion in staggered production and higher wages.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.