Boeing Strike Enters Fourth Week As Talks Fail, Costing Company $1 Billion Monthly

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Talks between Boeing and its key manufacturing union broke down, and no negotiations are currently planned as the financially damaging strike heads into a fourth week.

The company withdrew its pay offer to around 33,000 U.S. factory workers on Tuesday, saying the union had not considered its proposals seriously after two days of talks.

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The breakdown compounds financial and production problems at Boeing, one of the two primary global commercial planemakers.

The strike would cost Boeing over $1 billion a month, S&P Global Ratings estimated, while warning of a downgrade of its debt to junk territory. The company had a debt of about $60 billion.

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(By Shivani Tanna and David Shepardson)

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