• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Boeing withdraws offer to union, suspends negotiations over strike

by October 9, 2024
written by October 9, 2024

Investing.com– Boeing Co (NYSE:BA) on Tuesday said it had withdrawn an offer to the International Association of Machinists and Aerospace Workers, and had suspended negotiations with the union after a nearly month-long strike. 

The planemaker said the union had made “non-negotiable” demands, and that further negotiations did not “make sense at this point.” The firm had previously offered a 30% wage hike and improved retirement benefits. 

The breakdown in talks came after two days of negotiations with a federal mediator, and present little chances of ending a strike affecting the company’s northwest operations, specifically in Washington. 

Boeing’s first major strike in 16 year began in mid-September after the IAM’s 33,000 members suspended operations over demands for better wages and benefits. 

The company is reportedly hemorrhaging cash due to the strike, and is considering selling at least $10 billion of new stock.

Chief Operating Officer Stephanie Pope said in a statement that the airplane maker was taking steps “to preserve cash,” and that the strike had “deeply affected (its) business.” 

The company may now face a downgrade in its credit rating. S&P Global Ratings said on Monday it was considering downgrading Boeing to junk, citing concerns over cash. Moody’s had also said last month that it was reviewing the plane maker’s investment-grade rating. 

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Seven & i stock surges after report of Couche-Tard raising buyout bid by 20%
next post
Hyundai prices $3 billion India IPO at 1,865-1,960 rupees per share

You may also like

BASF results down on impairments, restructuring

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Israel stocks higher at close of trade; TA 35 up 0.25%
    • Mediobanca board to review MPS 13.3 billion euro bid on Tuesday, source says

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy