Results for: Union Negotiations

Boeing has implemented temporary furloughs for thousands of employees due to a strike by the International Association of Machinists and Aerospace Workers. The strike, which began after workers rejected Boeing’s offer of a 25% wage increase, could cost the company $1 billion per week. The furloughs, affecting executives, managers, and employees, are intended to conserve cash and ensure Boeing’s recovery. Negotiations with the union are ongoing, but the demand for a 40% wage hike adds complexity to the situation.

Marathon Petroleum Corporation (MPC) shares are down in premarket trading after half of its Detroit refinery workforce went on strike over unresolved pay and safety concerns. The union has been negotiating with Marathon for nine months, seeking improved pay and work schedules. The refinery, with a capacity of 140,000 barrels per day, processes both sweet and heavy sour crude oils into gasoline and distillates. Despite the strike, Marathon has stated its preparedness to continue operations safely. Despite this news, Marathon recently reported strong second-quarter results, including revenue exceeding estimates and an adjusted EPS surpassing the consensus.

Southwest Airlines flight attendants have overwhelmingly approved a new contract that includes an immediate 22% pay increase. The agreement also includes annual raises of 3% through May 2028. This marks the third successful contract ratification for Southwest since October 2022, following deals with pilots and other union-represented worker groups.