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Boeing averted a strike at three St. Louis-area factories that produce military aircraft after 2,500 members of a machinists union approved a modified contract on Wednesday.
The International Association of Machinists and Aerospace Workers District 837 rejected Boeing's proposal last month, but approved a modified contract Wednesday that "features critical improvements to the company’s previous offer for retirement plans."
Employees work on the assembly line of the Boeing Co. F-15 Strike Eagle fighter aircraft at the Boeing Defense, Space & Security facility in St. Louis, Missouri, U.S. (Alex Flynn/Bloomberg via Getty Images / Getty Images)
"Throughout negotiations, the committee worked diligently to educate the membership and bring back an improved offer from the company," IAM District 837 President Tom Boelling said in a statement. "We have delivered an equitable contract that will secure the future for the members, their families and future generations."
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Boeing said Wednesday that it looks forward to maintaining operations at the facilities, which produce military aircraft like the F-15, F-18 and T-7A trainer.
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"We’re pleased with the outcome of the vote, and we look forward to our future here in the St. Louis area," a Boeing spokesperson told FOX Business on Wednesday.
The assembly line for Boeing’s F-15 Strike Eagle fighter aircraft at the Boeing Defense, Space & Security facility in St. Louis, Mo. (Alex Flynn/Bloomberg via Getty Images / Getty Images)
The modified contract approved Wednesday includes an average 14% wage increase over three years, an $8,000 lump sum payment for each employee's 401(k) and a 75% match on the first 8% of each employee’s 401(k) contribution.
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The union workers are employed at Boeing facilities in St. Louis, St. Charles, Missouri, and Mascoutah, Illinois.
Shares of Boeing stock are down about 20% on the year.
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