Machinist Union Weathers the Storm

It is said that in the event of a nuclear holocaust, only Cher and cockroaches will have enough resilience to survive.

Perhaps the International Association of Machinists should be added to the list.

Over the past five years, in a wave of downsizing triggered by a slowing economy, the rapid growth of low-fare carriers and the 2001 terrorist attacks, the airline industry has shed 155,000 jobs. The IAM lost 40,000 of those, and also signed a series of concessionary contracts in bankruptcy court, where a company can revise labor contracts that hinder its reorganization.

But the union also recorded its share of victories. In an age of defined-contribution 401K retirement plans, it preserved defined-benefit pension plans at Northwest Airlines(NWACQ Quote), United Airlines(UAUA Quote) and US Airways(LCC Quote). It staged a successful strike at Boeing(BA Quote). And last month, it added 3,400 new members at US Airways. ...