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Boeing Said to Consider Asset Sales, Offers New Pay Proposal to Workers to Vote
October 21, 2024
Boeing is said to be considering asset sales, particularly its non-core or underperforming units to boost its overall financial situation, as per WSJ. It reported that the planemaker reached an agreement to offload a small defense unit making surveillance equipment for the US military last week. Separately, workers will vote this week regarding a new contract proposal that includes a 35% pay hike over 4 years, both Boeing and its union said. While the union had initially asked for a 40% wage hike and restoration of a defined benefit pension, Boeing had made an enhanced offer that included a 30% hike over four years that was rejected. The latest proposal also includes a $7k ratification bonus, a reinstated incentive plan and enhanced contributions to workers’ 401(k) amongst other things. While there is no guarantee that the proposal will be accepted, if approved, sources note that it could end the costly strike that has endured for over a month.
Boeing’s dollar bonds traded stable with its 3.3% 2035s at 78.9, yielding 6.1%.
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