Latest news with #machinists
Yahoo
04-08-2025
- Business
- Yahoo
Boeing Defense Union Strikes for First Time Since 1996
Boeing workers at St. Louis-area defense factories are striking for the first time in almost three decades. About 3,200 machinists walked off the job around midnight after members voted down a deal that would have raised wages by 20% and boosted retirement contributions. Danny Lee reports on Bloomberg Television. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
04-08-2025
- Business
- Washington Post
Boeing defense union goes on strike
Thousands of machinists at Boeing's defense hub in the St. Louis area went on strike at midnight Monday for the first time since the mid-1990s, marking a new spasm of labor unrest for the Seattle-based aerospace giant. About 3,200 machinists in Missouri and Illinois who build fighter jets and munitions voted Sunday to reject the latest contract offer from Boeing.
New York Times
03-08-2025
- Business
- New York Times
Boeing's Machinists Union in St. Louis Is Set to Strike
About 3,200 machinists who build Boeing fight jets in the St. Louis area were poised to walk off the job early Monday, around midnight, after their union failed to reach an agreement with the aircraft manufacturer. The strike would be the first in nearly three decades for the local chapter of the International Association of Machinists and Aerospace Workers, IAM District 837. In announcing the strike, the union rejected the increase to wages and retirement contributions that the company was offering. When the union last went on strike, in 1996, the work stoppage lasted 99 days. 'IAM District 837 members have spoken loud and clear, they deserve a contract that reflects their skill, dedication, and the critical role they play in our nation's defense,' Tom Boelling, the top official at the union's St. Louis chapter, said in a statement. Last week, Boeing reported $22.7 billion in revenue for its latest financial quarter, the company's largest quarterly revenue figure in six years. But the strike could put added pressure on the company, which generates about 30 percent of its revenue from its defense and space division. Even with its impressive revenue haul, Boeing reported a loss of $612 million in the quarter, as it continues to battle back from a series of damaging crises over the last several years. Last year, Boeing faced a crisis when a poorly installed panel blew off a Boeing 737 Max jet during a flight. And the Max was involved in two fatal crashes in 2018 and 2019. 'We're disappointed our employees rejected an offer that featured 40 percent average wage growth and resolved their primary issue on alternative work schedules.,' Dan Gillian, vice president of Boeing Air Dominance and general manager and senior executive at the St. Louis site, said in an emailed statement. 'We are prepared for a strike and have fully implemented our contingency plan to ensure our nonstriking work force can continue supporting our customers.' Members of the St. Louis local help build fighter aircraft such as the F-15 and the T-7 training jet while also manufacturing components for Boeing's 777X commercial jets. Last year, a two-month strike brought production of the Max to a near standstill. But that strike involved 30,000 employees, significantly more than the number threatening to strike in St. Louis.
Wall Street Journal
03-08-2025
- Business
- Wall Street Journal
Boeing Defense Workers Set to Strike Monday
Boeing BA 0.03%increase; green up pointing triangle leaders face another picket line Monday after machinists in its St. Louis-area defense business rejected their latest contract offer. The union division that represents about 3,200 workers in Missouri and Illinois on Sunday rejected the aerospace giant's latest four-year contract proposal, scheduling a strike to begin at midnight Monday and threatening the company's fragile turnaround effort.
Yahoo
01-08-2025
- Business
- Yahoo
The Boeing Company (BA): 'Everything's Going Boeing's Way,' Says Jim Cramer
We recently published . The Boeing Company (NYSE:BA) is one of the stocks Jim Cramer recently discussed. The Boeing Company (NYSE:BA) is a well-known firm that has managed to turn a leaf in 2025. The firm's shares have gained 33.8% year-to-date as the firm has managed to resume its aircraft deliveries and overcome its production woes. Cramer's recent remarks about The Boeing Company (NYSE:BA) have wondered when CEO Kelly Ortberg would announce that the US government has decided to remove restrictions on its aircraft production volume. This time, he shared the deliverables for The Boeing Company (NYSE:BA) to improve its performance: '[On machinists turning down offer to raise wage] That is, I mean that's gonna wreck what I think was going to be a pristine conference call. That's the only fly in the ointment. Everything's going Boeing's way. Ortberg doing a fantastic job. David, this rally off of when he did the financing, maybe one of the finest rallies I can recall.' Pixabay/Public Domain 'The main thing is to be able to raise the deliveries. And if they can raise deliveries, because they have proven that they know how to make planes, that's where the cash is going come in and we're gonna end up paying higher for the stock. I think the machinist thing surprised me. While we acknowledge the potential of BA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
