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Associated Press
a day ago
- Business
- Associated Press
Pratt & Whitney machinists end 3-week strike after approving a new contract
EAST HARTFORD, Conn. (AP) — About 3,000 machinists at jet engine-maker Pratt & Whitney in Connecticut approved a new four-year contract Tuesday, ending a three-week strike over wages, job security and other issues. Union members were expected to return to work Wednesday after 74% of them voted in favor of the new deal, according to locals 1746 and 700 of the International Association of Machinists and Aerospace Workers. Pratt & Whitney, a subsidiary of Arlington, Virginia-based RTX Corp., makes engines for commercial and military jets, including the GTF line for Airbus commercial jets and the F135 for the military's F-35 Lightning II fighter aircraft fleet. The union said the new contract, which runs to May 2029, guarantees continued operations at the company's East Hartford and Middletown plants through 2029. It also includes a 6% wage increase the first year, followed by raises of 3.5% in 2026 and 3% in both 2027 and 2028. Retirement benefits also were improved, the union said. 'This agreement includes real gains for our members and proves what we can accomplish when we stick together,' Wayne McCarthy, president of Local 700, said in a statement. The company said in a statement that the contract 'recognizes the skill and dedication of our workforce by keeping them among the highest compensated in their field, while ensuring the company is well-positioned for the future.' Union members began picketing in East Hartford and Middletown on May 5, after about 77% of union members voted to approve their first strike since 2001.
The Independent
a day ago
- Business
- The Independent
Pratt & Whitney machinists end 3-week strike after approving a new contract
About 3,000 machinists at jet engine-maker Pratt & Whitney in Connecticut approved a new four-year contract Tuesday, ending a three-week strike over wages, job security and other issues. Union members were expected to return to work Wednesday after 74% of them voted in favor of the new deal, according to locals 1746 and 700 of the International Association of Machinists and Aerospace Workers. Pratt & Whitney, a subsidiary of Arlington, Virginia-based RTX Corp., makes engines for commercial and military jets, including the GTF line for Airbus commercial jets and the F135 for the military's F-35 Lightning II fighter aircraft fleet. The union said the new contract, which runs to May 2029, guarantees continued operations at the company's East Hartford and Middletown plants through 2029. It also includes a 6% wage increase the first year, followed by raises of 3.5% in 2026 and 3% in both 2027 and 2028. Retirement benefits also were improved, the union said. 'This agreement includes real gains for our members and proves what we can accomplish when we stick together,' Wayne McCarthy, president of Local 700, said in a statement. The company said in a statement that the contract 'recognizes the skill and dedication of our workforce by keeping them among the highest compensated in their field, while ensuring the company is well-positioned for the future.' Union members began picketing in East Hartford and Middletown on May 5, after about 77% of union members voted to approve their first strike since 2001.
Business Insider
2 days ago
- Business
- Business Insider
RTX Corp. (RTX) Reaches Deal with Machinists Union, Ending Work Stoppage
Jet engine maker Pratt & Whitney has reached a tentative agreement with the union representing about 3,000 machinists who've been on strike since May 4 of this year. Confident Investing Starts Here: The machinists had been demanding improved job security and better wages, as well as bulked up retirement benefits and enhanced healthcare coverage. Pratt & Whitney is a subsidiary of RTX Corp. (RTX), formerly known as Raytheon Technologies. Pratt & Whitney makes engines for commercial and military jets, including the U.S. military's F-35 stealth fighter aircraft. Members of the International Association of Machinists and Aerospace Workers are now scheduled to vote on the contract from Pratt & Whitney on May 27. The company said the tentative agreement addresses 'key points of interest among union members.' Details of the proposed contract have not been made public. Strike Ends Union members began picketing at Pratt & Whitney's manufacturing locations in Connecticut after 77% of nearly 2,100 union members voted in favor of their first strike since 2001. 'Pratt and Whitney is a powerhouse in military and commercial aerospace products because our membership makes it so,' said the union in announcing the strike vote. The strike arrived as Pratt & Whitney parent company RTX faces a potential $850 million hit on profits this year because of tariffs imposed by U.S. President Donald Trump. During RTX's first-quarter earnings call, management said that its Pratt & Whitney and Collins Aerospace subsidiaries would each shoulder just over $400 million of the potential tariff hit. RTX stock has risen 16% this year. Is RTX Stock a Buy? The stock of RTX Corp. has a consensus Moderate Buy rating among 17 Wall Street analysts. That rating is based on 12 Buy and five Hold recommendations issued in the last three months. The average RTX price target of $138.67 implies 4.78% upside from current levels.
Yahoo
21-05-2025
- Business
- Yahoo
Trump's 'Big Beautiful Bill' Advances: Here's Who Wins And Loses
President Donald Trump's sweeping legislative package is, as expected, divisive. Republicans are pitching it as 'One, Big Beautiful Bill.' Democrats are calling it 'one big beautiful betrayal.' Here's a look at some of the bill's key elements. The Winners: The bill seeks to extend The Tax Cuts and Jobs Act (TCJA) of 2017. That means the expiring provisions that benefit high-income and wealthy earners would be permanent. It also seeks to eliminate federal taxes on tips and overtime pay, fulfilling some of Trump's campaign promises. The tax breaks would reduce revenue by $4.9 trillion over the decade, but increase spending on military, defense and border security. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — So, if legislators sign the bill into law, major U.S. defense contractors like RTX Corp. (NYSE:RTX) and Lockheed Martin Corp. (NYSE:LMT) could benefit from increased defense spending. Other companies exposed to the defense sector including Palantir Technologies, Inc. (NASDAQ:PLTR) and Booz Allen Hamilton Holding Corp. (NYSE:BAH) could also benefit from increased military and defense spending. The Losers: The cost of the tax bill will be partially balanced with new taxes on private university endowments and significant cuts to programs like Medicaid. Stocks of major Medicaid managed care organizations could be vulnerable to enrollment volatility and premium pricing challenges if the changes are approved. Investors would be wise to monitor UnitedHealth Group, Inc. (NYSE:UNH), Centene Corp. (NYSE:CNC) and Elevance Health, Inc. (NYSE:ELV) as the bill moves through Congress. Low-income Americans who rely on food assistance should also take note. House Republicans are proposing major changes to the Supplemental Nutrition Assistance Program, or SNAP. The program aids over 42 million Americans. The bill would shift 5% of benefit costs and 75% of administrative costs to states, up from the current 50% share for administration only. It also seeks to expand work requirements to recipients up to age have criticized the move as harmful to families, while Republicans say it promotes work and cuts waste. The House Agriculture Committee has already approved $300 million in SNAP cuts to help fund tax breaks. If the legislative package is passed, it would also be the end of many clean energy initiatives and key tax credits and would impose new fees on electric vehicles. These changes could slow the growth of the clean energy sector and make electric vehicles and renewables less competitive compared to traditional energy sources. Clean energy stocks including Enphase Energy, Inc. (NASDAQ:ENPH), First Solar, Inc. (NASDAQ:FSLR) and Sunrun, Inc. (NASDAQ:RUN) were all sharply lower on Monday as investors digested the potential effects on the industry. The 1,116-page bill also wouldn't quell fears about America's public debt, which currently stands at $36 trillion. According to the nonpartisan watchdog group, the Committee for a Responsible Federal Budget, the bill adds approximately $3.3 trillion to the national debt over the next ten years. What's Next: After advancing out of the House Budget Committee in a rare Sunday meeting by a narrow 17-16 vote, Trump's 'One Big, Beautiful Bill' faces several key steps before it can become law. The next stop is the House Rules Committee, which will meet midweek to set the terms for floor debate, consider possible amendments, and make any necessary last-minute adjustments to the bill before it heads to a full vote on the House floor. If the bill passes the House, it will move to the Senate where it may face additional challenges, as Republican senators are also seeking changes that could complicate final passage. Further changes to the bill are possible as leaders work to secure enough support from both conservative and moderate factions. Read Next: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest before it's too late. 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share with a $1000 minimum. Photo: Shutterstock Send To MSN: Send to MSN UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Trump's 'Big Beautiful Bill' Advances: Here's Who Wins And Loses originally appeared on
Time of India
16-05-2025
- Business
- Time of India
US approves $304Mn missile deal with Turkey, Why Trump's move to sell AMRAAM to Istanbul alarms India - The Economic Times Video
The US has approved a potential $304M missile sale to Turkey, including 53 AIM-120C-8 and 60 Block II missiles. The deal still needs Congress approval. Secretary of State Marco Rubio's visit to Turkey coincides with the announcement, signaling NATO efforts to reset strained ties. RTX Corp will supply missiles and systems. India, alarmed by AMRAAM use by Pakistan, is watching closely. The sale is aimed at strengthening Turkish and US military cooperation.
