30,000 workers who produce Boeing 737 Max and 777 strike over pay and pensions

30,000 Boeing workers in Seattle and Portland went on strike last Friday over pay and pension issues, adding another strain to Boeing’s already troubled year.

The strike, which is the first walkout at Boeing in sixteen years, resulted in the closure of two major plane assembly plants for the 737 Max and 777, in Puget Sound, Seattle.

The workers, who are members of the International Association of Machinists and Aerospace Workers (IAM), voted unanimously in favour of striking, with their demands including higher wage increases and a restoration of a previous pension scheme.

Following the strike announcement, Boeing’s stock fell by 3.7%, continuing a trend that has seen Boeing’s stock fall by 40% throughout this year, shedding $58 billion from Boeing’s market value.

Analysts are concerned that the strike may further damage Boeing’s struggling finances, which include an estimated $60 billion billon debt pile.

Moody’s warned that the current situation could lead to a downgrade of Boeing’s credit rating.

The previous strike in 2008 between Boeing and unions lasted for eight-weeks at an estimated cost of $1.5bn (£1.14bn) a month for Boeing, according to Moody’s.

Boeing is currently facing a host of legal challenges and investigations following issues with many of its aircraft.

In July, Boeing agreed to plead guilty to a fraud charger and a criminal fine of $244 million in connection with the fatal crashes of two of its 737 Max planes more than five years ago, according to the BBC.

Similarly, following the Alaskan Airlines incident in January, the FAA imposed a cap on all 737 MAX future production, while it conducts its investigation.