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Boeing, IAM Reach Tentative Agreement on New Contract

Oct. 27, 2008, Seattle, WA - Boeing and the International Association of Machinists and Aerospace Workers today reached tentative agreement on a new four-year contract.


October 28, 2008
By Carey Fredericks

Oct. 27, 2008, Seattle, WA – Boeing and the International Association of Machinists
and Aerospace Workers today reached tentative agreement on a new
four-year contract covering 27,000 employees in Washington, Oregon and
Kansas. Union leadership is recommending that employees vote to ratify
the contract.

The company retained the flexibility
necessary to manage its business, while making changes to the contract
language to address the union's issues on job security, pay and
benefits. The offer provides general wage increases every year and
increases pension benefits. In addition, Boeing is proposing no changes
to the cost share employees currently pay for a selection of
outstanding health care plans.

"This is an outstanding offer that rewards
employees for their contributions to our success while preserving our
ability to compete," said Scott Carson, president and CEO of Boeing
Commercial Airplanes. "I thank both negotiating teams and the federal
mediator for their hard work and commitment in reaching this agreement.
We recognize the hardship a strike creates for everyone — our
customers, suppliers, employees, community and our company — and we
look forward to having our entire team back."

By mutual agreement, details of the agreement will
be released first by the union. If employees vote to approve the offer,
it will end the strike by approximately 27,000 employees in Washington,
Oregon and Kansas.

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