Spirit AeroSystems Holdings, Inc. (NYSE:SPR) unit Spirit AeroSystems will restore operations at its Wichita plant, with complete production starting July 5.
The Wichita plant produces Boeing Company’s (NYSE: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.
