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Boeing Begins Contract Talks With IAM

- Boeing committed to excellent pay and benefits

SEATTLE, May 9 /PRNewswire-FirstCall/ -- Boeing (NYSE: BA) and the International Association of Machinists and Aerospace Workers (IAM) today began negotiating a new labor contract for more than 26,000 employees, largely in the Seattle area, Portland, Ore., and Wichita, Kan.

"Boeing is committed to providing employees with outstanding pay and benefits, and we intend to reward employees for generating productivity improvements that help us meet our commitments to customers and win new business," said Doug Kight, the Boeing vice president of Human Resources responsible for these negotiations. "Working with the union, we've agreed to start discussions much earlier than usual. This will allow us to spend more time listening, understanding each other's positions, and resolving issues early.

"We intend to move away from focusing on last-minute bargaining and instead conduct these negotiations in an open and transparent manner," Kight added. "That way, employees -- and their family members -- can fully understand the issues and the value of the contract when they vote on the company's offer in September."

During today's opening session, Boeing outlined key areas for negotiations, including:

Boeing also is proposing to maintain much of the existing contract without changes, including more than 150 articles, subsections and letters of understanding.

"Today, the IAM provided us with proposals that we will study carefully," Kight said. "The information we exchanged today is a starting point for thoughtful, productive discussions. Throughout the summer, we'll focus on reaching agreements that are in the best interest of employees, our company, our customers and all Boeing stakeholders."

Full details of the information Boeing exchanged with the union today is available online at http://www.boeing.com/2008negotiations.

Currently, IAM-represented employees earn an average base wage of nearly $27 per hour, or nearly $56,000 annually before overtime. In addition, they receive benefits valued at more than $24,000 annually. Combined, total compensation for IAM-represented employees -- including overtime pay, lump-sum wage payments and other benefits -- is valued around $91,500 per year.

A new contract with the IAM is anticipated to be in place by Sept. 4.

Boeing will negotiate new contracts with its two largest unions this year. Formal negotiations for more than 20,000 engineers and technical employees in Washington and Oregon represented by the Society of Professional Engineering Employees in Aerospace begin later this year, with new contracts anticipated to be in place by Dec. 2.

SOURCE Boeing