Boeing, Striking Union Set To Resume Contract Negotiations

Boeing plans to resume contract negotiations with its striking union Monday in a bid to end a damaging walkout that's now in its fourth week.

Company CEO Kelly Ortberg told employees Friday that a deal with the International Association of Machinists and Aerospace Workers "stands as a priority for me, and our team is ready to resume mediated talks," according to Reuters.

The union's District 751, which represents the 33,000 striking workers, called the move "another critical opportunity to push for the priorities of our membership."

The development came a day after the union representing 45,000 dockworkers along the East and Gulf coasts suspended its three-day strike after reaching a tentative deal for 62% salary increases over six years.

That job action threatened to disrupt U.S. imports ahead of the crucial holiday season and the Nov. 5 presidential election.

The Boeing workers began striking on Sept. 13 after nearly 95% voted to reject a pact that included 25% wage increases over four years.

On Sept. 23, Boeing made what it called a "best and final" offer that included 30% raises, but the union refused a company demand to put the deal to a vote by Sept. 27.

Boeing, which has come under fire for safety and quality issues involving its 737 Max 9 passenger planes, is struggling with mounting debt, increasing cash burn and the threat of losing its investment-grade bond rating as a result of the strike, according to Reuters.

The company began furloughing tens of thousands of workers last month and in his statement Friday, its CEO thanked them "for their commitment to our cash conservation measures."

Boeing stock closed at $155 a share Friday, up 3% but down nearly 39% since the start of the year.