October 9, 2024 – 7:39 AM PDT
(Reuters) – Talks between Boeing (BA.N) and its key manufacturing union broke down, and no negotiations are currently planned as the financially damaging strike heads into a fourth week.
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The company withdrew its pay offer to around 33,000 U.S. factory workers on Tuesday, saying the union had not considered its proposals seriously after two days of talks.
The breakdown compounds financial and production problems at Boeing, one of the two primary global commercial planemakers.
The strike would cost Boeing over $1 billion a month, S&P Global Ratings estimated, while warning of a downgrade of its debt to junk territory. It had a debt of about $60 billion.
The stalemate shows no signs of resolution, a person briefed on the talks said.
“Unfortunately, the union did not seriously consider our proposals,” Boeing Commercial Airplanes head Stephanie Pope said in a note to the employees, calling the union’s demands…
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