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Report: Boeing Machinists to End Strike

The two sides reach a tentative labor agreement.
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Boeing (BA) - Get Report has reportedly reached a tentative agreement with its machinists' union, ending a strike that halted production earlier this month.

According to a story posted on

Business Week's

Web site, Boeing and International Association of Machinists officials will announce the deal on Monday.

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The agreement reportedly includes a boost to monthly pensions and cash bonuses in the absence of a general wage increase. Boeing also agreed to continue retiree health care coverage for new employees, while dropping a demand that the machinists contribute more to medical benefits.

However, machinists will not receive company-matching for the employee 401(k) plan -- a measure that had been in the company's final contract offer.

More than 18,000 workers in the Puget Sound area, Portland, Ore., and Wichita, Kan., walked off the job on Sept. 2, rather than accept Boeing's offer for a new three-year contract.