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Washington DC, July 29, 2008: Today, the International Association of Machinists and Aerospace Workers (IAM) and the Society of
Professional Engineering Employees in Aerospace (SPEEA) – in conjunction with the AFL-CIO's Office of Investment – hosted an investor forum to provide an update regarding their upcoming
negotiations with The Boeing Company.
Together, the IAM and SPEEA represent over 50,000 employees at Boeing. In total, over fifty Wall Street analysts,
investment managers and pension funds were represented on the call.
David White, Assistant Director of Strategic Resources at the Machinists, cautioned the company from taking a hard-line stance
in this year's bargaining. “This round of negotiations is shaping up to be particularly critical for the future direction of Boeing,” he warned. “Given the myriad of issues
currently facing the Dreamliner program, the company cannot afford a work stoppage right now.” Mr. White pointed out that three of the last four contract cycles resulted in a major strike at
Boeing. “Our members have delivered for management. Now its time for Mr. McNerney and his executive team to acknowledge this contribution,” he said.
In preparation for the negotiations, the two unions have been raising concerns among institutional investors regarding the
company's failing global supplier business model and the coming demographic shift in its workforce. “If not proactively addressed by management in short-order, these two issues could pose
serious risk for investors and will prevent the company from maximizing shareholder value in the long-term,” said Stan Sorscher, research director at SPEEA.
About Us
IAM, the International Association of Machinists and Aerospace Workers, represents 730,000 members across North America in the
aerospace, automotive and transportation industries.
SPEEA, the Society of Professional Engineering Employees in Aerospace, represents 24,000 engineers, scientists, technical
workers and other professionals working in the aerospace industry in six states.
AFL-CIO, the American Federation of Labor and Congress of Industrial Organizations, is the largest labor federation in the U.S.
comprised of 56 national and international labor unions representing 10.5 million members of which IAM and SPEEA are affiliates.
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