Boeing machinists end strike after approving labor contract with 38% raises

Boeing machinists approved a new labor deal Monday, ending a more than seven-week strike that halted most of the aircraft production at the company that was already struggling with mounting losses.

Machinists voted 59% in favor of the new contract, which includes 38% wage increases over four years and other improvements.

The approval is a relief for Boeing’s new CEO, Kelly Ortberg, who took the top job in August to steer the company through its safety and manufacturing crises. The company raised more than $20 billion in a share sale last week to weather its financial problems after warning it will likely burn cash through 2025.

Boeing will now be able to resume production, key to its recovery since the bulk of the aircraft price is paid when they are handed over to customers.