Spirit AeroSystems Holdings Inc Highlights Of New Contract Terms Include, No Mandatory Weekend Overtime, Sign On Bonus Of $3,000 Cash; New Contract Terms Include Total Wage Increase Of 9.5% In Year One, Guaranteed Increase Of 23.5% Over Life Of Contract
Portfolio Pulse from Happy Mohamed
Spirit AeroSystems, Inc., a subsidiary of Spirit AeroSystems Holdings, Inc. (NYSE:SPR), has proposed a new four-year contract to the Local Lodge 839 of the International Association of Machinists and Aerospace Workers (IAM). The contract includes a total wage increase of 9.5% in the first year and a guaranteed increase of 23.5% over the contract's life. IAM union members will vote on the contract on June 29.
June 27, 2023 | 9:04 pm
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The proposed contract by Spirit AeroSystems could lead to increased labor costs but also improved labor relations. The impact on the stock price will depend on the union's response.
The proposed contract includes significant wage increases, which could increase labor costs for Spirit AeroSystems. However, if the contract is accepted, it could improve labor relations and potentially increase productivity. The impact on the stock price will depend on whether the union accepts the contract and how investors perceive the potential benefits and costs.
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