Boeing defense workers approve revised offer

Bloomberg

Boeing Co avoided a crippling work stoppage at its defense manufacturing hub after St Louis-area Machinists accepted a revised contract offer, reversing an earlier vote to strike.
“We have delivered an equitable contract that will secure the future for the members, their families and future
generations,” Tom Boelling, president of the International Association of Machinists
and Aerospace Workers District 837, said in an emailed statement.
The talks were an early test of labour relations under Boeing Chief Executive Officer Dave Calhoun and a precursor to negotiations with a much larger IAM collective bargaining unit that represents about 30,000 Seattle-area mechanics. Union members will receive an average 14% wage increase over three years, including cost of living adjustments.
Boeing also boosted its 401(K) contribution from an earlier offer, with terms that
include an $8,000 lump sum payment.
“We’re pleased with the outcome of the vote and we look forward to our future here in the St. Louis area,” Boeing said via email. The planemaker’s shares rose 1.1% in New York.
The Arlington, Virginia-based manufacturer made the modified offer during a marathon overnight bargaining session on July 30, averting a strike set for two days later by about 2,500 members of IAM District 837.
Rank-and-file members had rejected the company’s initial offer at the urging of the union’s leadership.