Boeing: 6 Billion in Losses, No Strike Agreement

The crisis of US aerospace giant Boeing continues. After the serious problems experienced by the 737 Max and 777 airplanes, as well as the Starliner space carrier (which delivered two astronauts to the international space station and then failed to bring them back to Earth, a problem Elon Musk will solve), there are losses not seen since covid and a strike that has affected thousands of employees for weeks.

CEO Kelly Ortberg recognizes the fact that the hurdles to overcome are huge, but tries to inspire optimism by talking about a “cultural change” to overcome the mistakes made. Boeing’s loss in the last quarter was $6.17 billion on consolidated debt of $57.9 billion.

“We have to put the past behind us to make progress as a group,” Kelly Ortberg explained in an interview with Italian economic newspaper Il Sole 24 Ore. “It will take time to bring Boeing back to its former glory, but with the right focus and the right culture, we can make the company once again become an “iconic and leading company in the aerospace sector.”

Good news was expected from union negotiations that could end the strike that has been going on since mid-September. But “white smoke” did not follow. And the union, the International Association of Machinists and Aerospace Workers (IAMAW), which has about 33,000 workers, announced that a tentative contract offered by the company had been rejected. 64% of members found the proposal “inadequate.”