Boeing, IAM Reach Tentative Contract Agreement

SEATTLE, Sept. 25 /PRNewswire-FirstCall/ -- The Boeing Company (NYSE: BA) confirmed today that it has reached a tentative agreement for a new three-year contract with the International Association of Machinists and Aerospace Workers (IAM), which represents approximately 19,000 Boeing employees in the Seattle area, Wichita, Kan., and Portland, Ore.

Union leadership is recommending that its members vote to approve the contract on Thursday. If employees vote to ratify, it will immediately end a strike that began on Sept. 2.

"The new agreement supports our business plan and addresses the key issues raised by IAM-represented employees and the union," said Alan Mulally, president and CEO of Boeing Commercial Airplanes.

    Terms of the contract offer include:

     -- A pension multiplier of $70 per month for each year of service,
     -- Maintaining existing health care plans under the same cost provisions
        of the IAM's previous contract with Boeing,
     -- A ratification bonus equaling 8 percent of each employee's total pay
        during the past 12 months, which will average about $5,200 per
        individual, and
     -- Two lump sum bonuses, of $3,000 each, which will be paid at the end of
        2006 and 2007.

"The total cost to Boeing is similar to the previous contract offer and meets our definition of a reasonable settlement," Mulally added. "It also supports our plan for making continued quality and productivity improvements, which is the key to being competitive and winning new business."

The tentative agreement was reached late Friday. Mulally and Jerry Calhoun, Boeing Commercial Airplanes' lead negotiator and vice president of human resources, represented the company in the settlement negotiations.

Additional details about the proposed contract settlement are available at http://www.boeing.com/negotiations.

CONTACT: Chaz Bickers, +1-206-766-2918 for Boeing Co.

Web site: http://www.boeing.com/negotiations/




Review Article Be the first to review this article
Featured Video
Jobs
Product Manager for Myomo, Inc. at Cambridge, Massachusetts
Esri Subject Matter Expert for GeoDecisions at New Orleans, Louisiana
Senior Civil Design Engineer for Cosmos at Pittsburgh, Pennsylvania
Upcoming Events
ESPRIT World 2019 at 225 East Coastline Drive Jacksonville FL - Jun 3 - 7, 2019
Robotics Summit & Expo 2019 at Seaport Hotel & World Trade Center Boston MA - Jun 4 - 6, 2019
Realize LIVE Detroit 2019 at Cobo Center Detroit MI - Jun 10 - 13, 2019
Sensors Expo & Conference 2019 at McEnery Convention Center San Jose CA - Jun 25 - 27, 2019
Kenesto: 30 day trial
Tebis
MasterCAM
SolidCAM:



Internet Business Systems © 2019 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise