Boeing, IAM ink 8-year deal for 777 production
Jan 06, 2014 | 04:03 PM
| Frank Haflich
LOS ANGELES A divided International Association of Machinists and Aerospace Workers (IAM) union narrowly approved an eight-year contract extension that will ensure continued production of Boeing Co.s 777 airliner, as well as its new derivative 777X in the Pacific Northwest.
Boeing employees representing 30,000 IAM members in Washington, Portland, Ore., and Wichita, Kan., voted 51 percent to accept the Chicago-based companys most recent proposal, which would extend their current contract to 2024 from 2016 while accepting significant concessions that will replace traditional defined-benefit pensions with defined-contribution, 401(k)-type retirement schemes.....
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