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Thursday, June 22, 2023 9:42:02 AM
Boeing sinks after surprise strike at supplier Spirit AeroSystems
By: Investing.com | June 22, 2023
Shares of Boeing (NYSE:BA) declined Thursday morning after supplier Spirit AeroSystems (NYSE:SPR) said it will suspend factory production at its plant in Wichita, Kansas. The announcement from Spirit AeoSystems followed a decision by a union representing workers to reject a new contract.
Last week Spirit AeoSystems reached a tentative agreement with the 6,000-member machinist union that included additional benefits, but the deal was rejected by 79% of union members during Wednesday’s vote.
The unexpected development raised additional concerns about the supply chain for airspace parts at a time when Boeing and Airbus are trying to ramp up production. Spirit AeoSystems is the main supplier of fuselages for Boeing’s popular 737 MAX.
“We are disappointed that our employees represented by the IAM rejected our four-year contract offer and voted to strike. We believe that our fair and competitive offer recognizes the contributions of our employees and ensures we can successfully meet increasing demand for aircraft from our customers,” said Spirit AeoSystems in a statement.
Spirit AeoSystems declined 9% following news of the work stoppage. Shares of Boeing were down 3.5%.
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By: Investing.com | June 22, 2023
Shares of Boeing (NYSE:BA) declined Thursday morning after supplier Spirit AeroSystems (NYSE:SPR) said it will suspend factory production at its plant in Wichita, Kansas. The announcement from Spirit AeoSystems followed a decision by a union representing workers to reject a new contract.
Last week Spirit AeoSystems reached a tentative agreement with the 6,000-member machinist union that included additional benefits, but the deal was rejected by 79% of union members during Wednesday’s vote.
The unexpected development raised additional concerns about the supply chain for airspace parts at a time when Boeing and Airbus are trying to ramp up production. Spirit AeoSystems is the main supplier of fuselages for Boeing’s popular 737 MAX.
“We are disappointed that our employees represented by the IAM rejected our four-year contract offer and voted to strike. We believe that our fair and competitive offer recognizes the contributions of our employees and ensures we can successfully meet increasing demand for aircraft from our customers,” said Spirit AeoSystems in a statement.
Spirit AeoSystems declined 9% following news of the work stoppage. Shares of Boeing were down 3.5%.
Read Full Story »»»
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