Boeing Machinists Vote To Accept New Contract, Ending Strike - Quick Facts

(RTTNews) - Boeing Co.'s (BA) more than 32,000 machinists have ended the seven-week long strike, after majority of workers voted to approve a new contract that will deliver 43.65% compounded wage increase.

The machinists, part of The International Association of Machinists and Aerospace Workers or IAM District 751 and W24, voted to ratify the new union contract, which the union said has instantly set a new standard for compensation and wages for aerospace industry workers.

The union member had walked off the job on September 13, demanding better contract terms. The new offer is the company's fourth one, while all previous three offers were rejected by the striking union members.

IAM now said that its members voted by 59 percent to approve the deal.

The new contract includes a 43.65% compounded wage increase, and 38% before compounding, over the four-year life of the contract.

IAM Western Territory General Vice President Gary Allen said, "For many frontline Boeing workers in the IAM Union, the terms of this contract will be life-changing. It's the most significant upgrade we've had to our collective bargaining agreement in a decade - and it will prove to be an example for the rest of the industry to live up to. Their strike was a great example of workers standing up for not just themselves, but also their families and communities."