Boeing Navigates Labor Strike Amid Financial Turmoil

Boeing faces another challenge as West Coast factory workers go on strike, following a series of crises that have affected the company's financial health and stock value. With over 30,000 workers demanding better wages, negotiations are set to resume soon, potentially impacting Boeing's cash flow and future operations.

Boeing is urgently seeking to return to the bargaining table after factory workers on the U.S. West Coast initiated a strike on Friday. This latest crisis follows a turbulent period for the planemaker, which has been under severe scrutiny from U.S. regulators and customers since a door panel incident involving a 737 MAX jet in January.

The series of crises has taken a toll on Boeing's stock, resulting in a 2.3% drop on Friday and a 38% decline year-to-date, translating to a loss of $58 billion in market value. Both Boeing and the union have expressed willingness to resume negotiations swiftly.

A total of about 30,000 members of the International Association of Machinists and Aerospace Workers (IAM), who manufacture Boeing's popular 737 MAX and other jets in Seattle and Portland, overwhelmingly rejected the first full contract offer in 16 years. Union leader Jon Holden affirmed the union's commitment to expediting negotiations, though the strike's duration and the resumption date for talks remain uncertain.

(With inputs from agencies.)