7 things to know about a potential Boeing strike
By Julie Johnsson / Bloomberg
Boeing Co. is seeking to avert a crippling strike by its largest labor union as the clock runs out on the existing accord.
Negotiations between the IAM District 751 union and the planemaker are always tense. This time though, the stakes are particularly high for Boeing, which make these contract talks particularly consequential. Here’s why.
45 billion reasons to settle
Maintaining labor peace is essential if Boeing wants to stabilize production and repair its battered finances. The aviation giant has been burning through cash, while its net debt has soared to $45 billion during five years of tumult.
The company hasn’t reported an annual profit since 2019 as it dealt with the monthslong global grounding of its workhorse 737 Max following two fatal crashes. That crisis was then compounded by the COVID pandemic, supplier shortages, a mass exodus of experienced factory workers and sloppy production.
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