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Boeing, Union Reach Tentative Agreement to End Strike

10/28/2008
Boeing Company and the International Association of Machinists and Aerospace Workers (IAM) have reached a tentative agreement to end the union's 52-day strike against the company. According to a company statement, the offer provides general wage increases every year and increases pension benefits, and proposes no changes to the cost share employees currently pay for healthcare plans. A statement from the IAM says the agreement will be presented to the membership for a ratification vote within the next five days. A simple majority is all that is required to pass the agreement. Industry analysts estimate that the strike has caused revenue losses of $100 million per day.

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