Boeing Engineers And Technical Employees Ratify New Contract, Averting Stike

(RTTNews) - Boeing's (BA) engineers and technical employees have approved a new four-year contract, their union said, removing the threat of another strike at the aviation giant.

The Society of Professional Engineering Employees in Aerospace (SPEEA), which represents about 13,000 Boeing engineers and 4,000 technical workers, said members ratified the deal.

The contract includes a guaranteed 10% wage increase, annual raises of 4% and the possibility of an additional 2% performance-based increase.

Boeing improved its offer last month after workers rejected an earlier proposal.

"We secured many victories that some thought were completely out of reach when this negotiation cycle started. All of these gains would not have been possible without your individual actions and our collective strength," the SPEEA negotiation team said in a statement.

On Thursday, Boeing shares closed up 3.35% at $192.28 on the NYSE.