☄️Boeing Is Losing $100 Million To $150 Million A Day Due To Union Strike
⏺Boeing is caught between a rock and a hard place as the strike between it and the International Association of Machinists (IAM) union continues into its second week.
⏺On Monday, September 23, Boeing increased its offer to the union, which represents 33,000 workers. However, the company did not approach the union leadership, but instead sent its “best and final” proposal directly to the workers, which did not please the IAM.
⏺Boeing's latest offer raised wages to 30% from 25% in the previous offer, doubled the signing bonus to $6,000 and increased 401k contributions, among other things. However, as was the case with the first offer, participants remained uninterested in the company's latest offer, which was sent out through the media.
⏺Boeing's insistence on reaching out directly to union members speaks to the challenges the company faces. Boeing is already forced to conduct a significant reassessment of its financial performance. Every day Boeing goes on strike, they lose between $100 million and $150 million.
⏺Without union members working at Boeing's assembly plant in Renton, Washington, the company will be unable to deliver its cash cow, the 737 Max jet. Boeing can still supply its 787 Dreamliners from its nonunion South Carolina plant, but the number of the planes is limited. Boeing delivered 70 737 Max planes in the second quarter, but only nine of its larger Dreamliners.
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⏺Boeing is caught between a rock and a hard place as the strike between it and the International Association of Machinists (IAM) union continues into its second week.
⏺On Monday, September 23, Boeing increased its offer to the union, which represents 33,000 workers. However, the company did not approach the union leadership, but instead sent its “best and final” proposal directly to the workers, which did not please the IAM.
⏺Boeing's latest offer raised wages to 30% from 25% in the previous offer, doubled the signing bonus to $6,000 and increased 401k contributions, among other things. However, as was the case with the first offer, participants remained uninterested in the company's latest offer, which was sent out through the media.
⏺Boeing's insistence on reaching out directly to union members speaks to the challenges the company faces. Boeing is already forced to conduct a significant reassessment of its financial performance. Every day Boeing goes on strike, they lose between $100 million and $150 million.
⏺Without union members working at Boeing's assembly plant in Renton, Washington, the company will be unable to deliver its cash cow, the 737 Max jet. Boeing can still supply its 787 Dreamliners from its nonunion South Carolina plant, but the number of the planes is limited. Boeing delivered 70 737 Max planes in the second quarter, but only nine of its larger Dreamliners.
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