STOCK MARKET WATCH -- Thursday, 14 November 2013

[xchrom]

13. BOEING WORKERS REJECT PLAN LINKED TO 777X IN WASH.

http://hosted.ap.org/dynamic/stories/U/US_BOEING_MACHINISTS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-14-06-28-06

SEATTLE (AP) -- Despite warnings that production of Boeing's next generation 777 plane could go to another state, machinists in the Northwest voted late Wednesday to reject a contract proposal that would have exchanged concessions for decades of secure jobs.

In response, the Boeing Co. said it would begin a bid process to find a home for its 777X production line.

Members of The International Association of Machinists District 751 rejected the proposal with 67 percent of the votes. Union members who called for a no vote did so in protest of Boeing's push to end a traditional pension plan and increase their health care costs. Workers would have received a $10,000 signing bonus if they approved the deal.

"We preserved something sacred by rejecting the Boeing proposal. We've held on to our pensions and that's big. At a time when financial planners are talking about a `retirement crisis' in America, we have preserved a tool that will help our members retire with more comfort and dignity," said Tom Wroblewski, District 751 president in a statement.