Boeing’s main 737 supplier, union forge agreement to end strike

Spirit AeroSystems Holdings Inc. and leaders of its largest union reached an agreement on a new contract, aiming to end a strike that’s halted its production and pressured customers Boeing and Airbus. The latest terms sweeten management’s previous offer on health insurance and increased wages. It also includes a limit on mandatory overtime, which had been a sticking point for striking workers. The International Association of Machinists and Aerospace Workers urged its rank-and-file members to ratify the proposed four-year deal during a vote on June 29. Workers had rejected an earlier agreement, bucking union leaders, then overwhelmingly approved a strike. If union members approve the tentative agreement, Spirit would speedily resolve a dispute that’s threatened output of Boeing’s 737 Max, a cashcow aircraft that’s critical to both Spirit and the aircraft maker. Shares of both companies rose after the close of regular trading in New York. “We listened closely and worked hard in our talks over the last several days to further understand and address the priorities of our IAM-represented employees,” Tom Gentile, Spirit’s CE officer, said Tuesday.<br/>