Boeing Co's (NYSE:BA, ETR:BCO) share price ended lower after the company announced it had withdrawn its pay rise offer to striking workers, citing a breakdown in negotiations with the International Association of Machinists and Aerospace Workers (IAM) union.
The plane maker accused the union of failing to seriously consider its final offer, which included a 30% pay rise over four years, compared to the 40% demanded by the union.
IAM responded by stating that Boeing was unwilling to negotiate. More than 30,000 workers went on strike last month after rejecting a previous deal offering a 25% increase.
The strike has led to production shutdowns, and Boeing has furloughed thousands of employees. Analysts warn that a prolonged strike could cost Boeing and its suppliers billions.
This adds to the challenges facing Boeing's new CEO, Kelly Ortberg, who took over in August amid ongoing issues with production quality and the company's historic financial losses.
The stock closed down $1.26 at $154.65.