Boeing gets contract approval by slim margin

6 January 2014

Boeing´s (NYSE: BA) contract extension offer was approved last Friday by members of the International Association of Machinists and Aerospace Workers District 751 (IAM).

Under the terms of the eight-year contract extension, the 777X and its composite wing will be built in the Puget Sound area by Boeing employees represented by the IAM. The work includes fuselage build, final assembly and major components fabrication such as interiors and wires.

The deal passed by a 51 percent to 49 percent vote. Opposition centered around the changing of the union´s pension plan to a defined-contribution savings plan. Boeing had reportedly eyed moving the plant to another state.

“Thanks to this vote by our employees, the future of Boeing in the Puget Sound region has never looked brighter,” said Boeing Commercial Airplanes president and CEO Ray Conner. “We´re proud to say that together, we´ll build the world´s next great airplane, the 777X and its new wing right here. This will put our workforce on the cutting edge of composite technology, while sustaining thousands of local jobs for years to come.”

The Boeing Company, together with its subsidiaries, engages in the design, development, manufacture, sale, and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide. The Boeing company was founded in 1916 and is based in Chicago, Illinois. The company´s website is at http://www.boeing.com.

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