Boeing Co (NYSE:BA, ETR:BCO) shares fell further on Thursday after confirmation of hefty losses over the third quarter was followed by news striking workers had rejected its latest pay offer.
Some 300,000 Boeing workers in the Seattle region will remain on strike as a result, having initially walked out on September 13.
According to union the International Association of Machinists and Aerospace Workers, 64% of those who cast ballots voted to reject Boeing’s latest pay deal.
This had offered a 35% pay rise over the coming four years and comes after another offer was batted off last month.
“After 10 years of sacrifices, we still have ground to make up, and we’re hopeful to do so by resuming negotiations promptly,” union negotiator Jon Holden commented.
Production of Boeing’s bestselling 737s has been brought to a standstill due to the strike, adding to issues from scrutiny around the manufacturer’s quality controls this year after a door panel fell off an Alaska Air-operated jet in January.
Boeing reported a US$5.76 billion loss for the third quarter on Wednesday, against US$808 million a year earlier, with the strike having only affected the last two weeks of the three month period.
Shares fell 2.2% in pre-market trading, following Wednesday’s 1.8% drop.