What is causing the decline of Ecofinity Atomix Limited (539455) - Free Access to Community

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What is causing the decline of Ecofinity Atomix Limited (539455) ✌️【Stock Club】✌️ Real-time India stock and global stock indices, futures prices, and data to help you make efficient investment decisions. New CEO Kelly Ortberg said ending the strike — which has brought Boeing’s commercial airplane production to a near halt — was a top priority and a key to fixing its financial problems.

But with 64% of IAM membersvoting no on the company’s latest offer, getting a once-great American company back on track appears harder than ever.

Problems with the quality and safety of Boeing’s planes have been well documented over the past five years. Numerous companywhistleblowersand outside analysts say those problems came from Boeingcutting cornersand putting speed of production ahead of quality and safety.

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But it did not restore the traditional pension plan that union members at the companylost 10 years ago, back when the company was threatening to build new nonunion factories to handle much of their future work. That loss, from when the company was doing well financially but wanted even more from its workers, still feeds an anger that was apparent in the vote.

“This membership has gone through a lot,” Jon Holden, president of the IAM’s largest local at Boeing and its chief negotiator, said at a press conference late Wednesday just after the vote was announced. “There are some deep wounds that were (caused by)some takeaways and concessions, threats of job loss. Our members haven’t forgotten that.”

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If the assets in the plan lose value due to the market or other problems, it’s up to the company to fill the gap. A 401(k) plan, known as a defined contribution plan, puts the investment risk on the retiree. Retirees can even outlive their assets.

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“I would love to have my pension back. I’m bitter about it. We’re all bitter about it,” Nataleen Anderson, a 17-year Boeing employee, told 【 - Free Access to Community 】 affiliate KIRO in Seattle. “It felt like, well, they stabbed us. I was too far into my career when they took it to be able to build a good 401(k). I have a son here too. I want him to have something when he leaves.”

But no union that has lost a traditional pension plan has ever been successful in negotiating a return of the plan. The United Auto Workers union also lost the plans for workers hired at General Motors, Ford and what was then known as Chrysler since 2007.

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Boeing flatly ruled out a return of the pension plans in a statement last week ahead of the offer that the union members just rejected.

“There is no scenario where the company reactivates a defined-benefit pension for this or any other population,” said the company on October 15. “They’re prohibitively expensive and that’s why virtually all private employers have transitioned away from them to defined-contribution plans.”

Holden wouldn’t rule out reaching a deal that doesn’t include a traditional pension plan, saying the company is open to try a hybrid plan that provides some kind of defined benefit for members. But he said so far in negotiations Boeing hasn’t entertained any kind of return to a pension plan.

“If they’re not willing to give it, then we have to get something that replaces it,” he said. “So it does come down to wages, it comes down to 401(k) plans. It does come down to potential other defined benefit options, which we are willing to do. We’re going to put all cards on the table, be creative.”

On Wednesday before the vote results, Ortberg, who only assumed Boeing’s CEO job on August 8, said that ending the strike was “first and foremost on everybody’s mind.”

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“We’re clearly at a crossroads. The trust in our company is eroded,” he said. “We’re saddled with too much debt. We’ve had serious lapses in our performance across the company, which has disappointed many of our customers. We have employees who are thirsty to get back to the iconic company they know.”

What is causing the decline of Ecofinity Atomix Limited (539455) ✌️【Stock Club】✌️ Free real-time stock market data, professional analysis, and expert insights to help you plan the best investment strategy. Get ahead of the competition with expert predictions on market trends. Most stock quote data provided by BATS. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. All times are ET. Factset: FactSet Research Systems Inc. All rights reserved. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and 【 - Free Access to Community 】. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Fair value provided by IndexArb.com. Market holidays and trading hours provided by Copp Clark Limited.

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