Boeing and the leaders of its machinists union have reached a tentative deal that could end a damaging strike that has halted most of its production. The company is offering a 35% wage increase over four years in its latest proposal. That is up from its original offer of 25% that was overwhelmingly rejected by a union local representing machinists in the Pacific Northwest that build most of Boeing's jets. The strike, which began on Sept. 13, has halted production of most of the company's airplanes and triggered a large round of layoffs. The union announced the deal Saturday morning, saying, "it warrants presenting to the members and is worthy of your consideration." The union plans to vote on the deal on Wednesday. Nearly 95% of workers voted to reject the last tentative deal, which the union's leaders recommended.
Boeing's business has been hobbled by the strike, with the company losing an estimated $1 billion a month. CEO Kelly Ortberg announced plans to cut 17,000 jobs and sell up to $25 billion in stock or debt to plug a cash drain. The company has warned of a $6 billion quarterly loss.
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