Business

February 24, 2014

Boeing machinists union in St. Louis approve contract extension

Members of the International Association of Machinists and Aerospace Workers District 837 have approved a long-term contract extension intended to better position Boeing to compete for work that’s critical to its St. Louis site’s future.

The company’s contract with the more than 2,300 represented workers now expires in July, 2022. It was to have expired in January, 2015.

“We welcome today’s ratification,” said Boeing St. Louis site executive Bill Schnettgoecke. “Not only does it better position us to compete, but it also ensures that our highly-skilled IAM-represented employees, those with us today and in the future, are appropriately compensated for their important work. Our collective commitment to providing customers with affordable, innovative solutions should be clear to everyone.”

Within 30 days, eligible members will receive an $8,000 signing bonus. They will also receive general wage increases in 2016, 2018, 2020, and 2022, along with lump-sum payments in 2017, 2019, and 2021.

Also, as of Jan. 1, 2016, members will transition to earning future retirement benefits in the company’s 401(k) defined contribution savings plan, while keeping the previously accrued value in their traditional pension plan. More details are available at www.boeing.com/iam-contracttalks and www.iam837.org.

In the St. Louis region Boeing workers build the F/A-18E/F and F-15 fighter jets, the EA-18G electronic attack aircraft, along with weapons and support programs.

In coming months, Boeing will bid for work that could extend some of those or bring in new projects. The contract extension improves its competitive position for those bids.

Boeing expects the changes to the IAM 837 retirement benefit plan to have an immaterial impact to 2014 core (non-GAAP) earnings. The changes are expected to result in non-cash pension curtailment charges of approximately $80 million to first-quarter GAAP earnings.

That charge is in addition to the $140 million non-cash charge, also being recorded in the first quarter, which was announced in January as a result of changes to the retirement plan for IAM 751 members, who are primarily in Washington State.




All of this week's top headlines to your email every Friday.


 
 

 

Headlines July 30, 2014

News: Software to power F-35 running as much as 14 months late - Software needed to operate Lockheed Martin’s F-35 jet, the Pentagon’s costliest weapons system, may be as much as 14 months late for required flight testing, according to a Pentagon review.   Business: Lockheed will turn on JLTV production line In August; 6-D truck...
 
 

News Briefs July 30, 2014

U.S. military deaths in Afghanistan at 2,197 As of July 29, 2014, at least 2,197 members of the U.S. military had died in Afghanistan as a result of the U.S.-led invasion of Afghanistan in late 2001, according to an Associated Press count. At least 1,819 military service members have died in Afghanistan as a result...
 
 
Lockheed Martin photograph by Tom Reynolds

F-35B successfully completes wet runway, crosswind testing

Lockheed Martin photograph by Tom Reynolds F-35B aircraft BF-4, piloted by Lockheed Martin Test Pilot Dan Levin, starts down the runway as part of wet runway and crosswind testing at Edwards AFB, Calif. In an important program ...
 

 
boeing-chinook

Boeing delivers first U.S. Army multiyear II configured Chinook

Boeing July 29 delivered the first multiyear II configured CH-47F Chinook helicopter to the U.S. Army one month ahead of schedule. The delivery was celebrated in a ceremony at the production facility in Ridley Township, Penn. ...
 
 
Army photograph by SSgt. Angela Stafford

Engineers developing safer, more accurate tracer round

Army photograph Tracer rounds enable the shooter to follow the projectile trajectory to make aiming corrections. However, the light emitted by these rounds also gives away the position of the shooter. Engineers at Picatinny Ars...
 
 
NASA photograph by Carla Thomas

Katherine Lott awarded NASA Armstrong employee scholarship

NASA photograph by Carla Thomas Katherine Lott, the recipient of the 2014 NASA Armstrong Employee Exchange Council Joseph R. Vensel Memorial Scholarship, is congratulated by NASA Armstrong center director David McBride. Flankin...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>