Boeing Defense workers hold out for better deal, keeping fighter jet production idle (Reuters) -Top machinists union officials and a Democratic congressman joined striking workers outside a Boeing (NYSE:BA) Defense facility near St. Louis on Thursday, pressing the company for a contract closer to an agreement reached with its Seattle-area workers. However, Boeing’s top St. Louis executive, Dan Gillian, on Thursday defended the company’s offer that was rejected by the 3,200 members of the International Association of Machinists and Aerospace Workers (IAM) District 837. The workers went on strike on August 4, shutting down production of the F-15 and F/A-18 fighters. "Our offer was strong then and is strong now with an average of 40% wage growth,” Gillian said in a statement on Thursday. There currently is no plan to resume negotiations, officials on both sides said. "The IAM is ready to meet with Boeing," IAM International President Brian Bryant told Reuters. Bryant was among the union leaders who joined the striking workers in picketing, along with U.S. Rep. Wesley Bell, a Missouri Democrat, who represents the area. Workers want a contract offer with higher general wage increases, to speed up how long it takes to reach the top of the wage scale, and improvements to the company’s 401(k) retirement plan, Bryant said. "In reality, they’re going to have to offer up the same thing they offered in Seattle," he said, referring to a four-year contract approved in November by the roughly 33,000 members of the IAM District 751, who assemble most of Boeing’s jetliners in the Northwest. That contract included a 38% general wage increase over four years, plus higher retirement plan contributions, restoration of an annual bonus, a $12,000 signing bonus, and a pledge to build Boeing’s next commercial jet in the Seattle area, if the program is launched within the contract’s duration. The offer rejected by St. Louis-area workers included a 20% general wage increase, a $5,000 ratification bonus and more vacation time and sick leave. Don't miss out on the next big opportunity! Stay ahead of the curve with ProPicks AI – 6 model portfolios fueled by AI stock picks with a stellar performance this year... In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record. With portfolios tailored for Dow stocks, S&P stocks, Tech Stocks, and Mid Cap stocks, you can explore various wealth-building strategies. So if BA is on your watchlist, it could be very wise to know whether or not it made the ProPicks AI lists.

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Boeing makes new contract offer to St. Louis defense workers (Reuters) -U.S. planemaker Boeing (NYSE:BA) sent a new contract offer on Thursday to the union representing roughly 3,200 factory workers at Boeing’s defense division, mostly in the St. Louis area. It contains some minor compensation changes that would benefit senior union members, the company said. The offer also keeps current overtime policies, which Boeing had proposed modifying in the last contract offer. If the contract is not passed by Sunday, a $5,000 lump sum bonus will not be offered again, according to Boeing. Members of the International Association of Machinists and Aerospace Workers overwhelmingly rejected a contract offer from Boeing on Sunday. The offer sent to members of IAM District 837 included a 20% general wage increase over four years, the bonus, and more vacation time and sick leave. That offer was insufficient, the IAM union said at the time. “We have carefully considered and responded to the feedback from our employees and the union," Dan Gillian, a Boeing vice president, said in a statement. He called the contract "the richest we’ve ever proposed for IAM 837." The IAM declined to comment. The workers assemble Boeing’s fighter jets and the MQ-25, an aerial refueling drone being developed for the U.S. Navy. Boeing’s defense division is expanding manufacturing facilities in the St. Louis area for the new U.S. Air Force fighter, the F-47, after it won the contract this year. The Next Generation Air Dominance fighter jet program, initially conceived as a "family of systems" centered around a sixth-generation fighter jet, is meant to replace the F-22 Raptor. Don't miss out on the next big opportunity! Stay ahead of the curve with ProPicks AI – 6 model portfolios fueled by AI stock picks with a stellar performance this year... In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record. With portfolios tailored for Dow stocks, S&P stocks, Tech Stocks, and Mid Cap stocks, you can explore various wealth-building strategies. So if BA is on your watchlist, it could be very wise to know whether or not it made the ProPicks AI lists.

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