Boeing, striking union to return to negotiations on Monday

Boeing's and its largest union said on Friday that contract talks will resume on Oct. 7, as both sides seek an agreement to end a strike by around 33,000 of the planemaker's U.S. West Coast factory workers. Negotiators for the U.S. planemaker and the International Association of Machinists and Aerospace Workers have struggled to find common ground, recently failing to clinch an agreement on key issues in the presence of federal mediators. "A resolution with the IAM stands as a priority for me, and our team is ready to resume mediated talks this Monday," Boeing CEO Kelly Ortberg told employees Friday. Reaching a deal with the IAM to end the stoppage is a priority for Boeing, as it wrestles with mounting debt, worsening cash burn and the threat of losing its investment grade rating. The IAM's district 751, which is negotiating the deal, said it would resume talks with Boeing Monday with assistance from federal mediators. "This meeting is another critical opportunity to push for the priorities of our membership," the union said. The talks have attracted attention from U.S. President Joe Biden's administration, with acting U.S. Labor Secretary Julie Su and her staff continuing to engage with both parties, a spokesperson said. The strike has halted production of Boeing's 777, 767 and its best-selling 737 MAX jet. The MAX is a key revenue-driver for the company at a time when it is struggling with weak margins in its defense business.<br/>