Spirit AeroSystems Workers End Strike At Wichita Plant By Approving New Contract Proposal

Spirit AeroSystems Holdings, Inc. SPR unit Spirit AeroSystems will restore operations at its Wichita plant, with complete production starting July 5.

The Wichita plant produces Boeing Company's BA narrow-body aircraft and defense and business jet structures. 

The resumption of operation follows a voting procedure where the union workers from the International Association of Machinists and Aerospace Workers (IAM) agreed to a four-year contract proposal for wage increases and bonuses.

"We listened closely to our employees and brought forward a fair-and-competitive offer," said Tom Gentile, President and CEO of Spirit AeroSystems. 

Related: Spirit AeroSystems, Workers Union Agree On New Contract Proposal That May End Strike At Wichita Plant

The contract includes a total wage increase of 9.5% in the first year, a guaranteed increase of 23.5% throughout the contract, annual bonuses, and cost of living allowances.

"With its approval by our IAM-represented employees, we look forward to getting back to the important work of delivering quality products to our customers."

Price Action: SPR shares are trading higher by 1.26% to $29.78 in the premarket session on the last check Friday.