Boeing union ends strike after contract vote

• The contract offer, endorsed by leaders of the International Association of Machinists and Aerospace Workers (IAM) union, is the third the striking workers had considered after rejecting two others.

Driving the news: "The new contract includes a 43.65% compounded wage increase – 38% before compounding – over the four-year life of the contract," per an IAM statement.

• That's up from the 35% and 25% wage increases included in the two previous offers that the union members rejected.
• On top of higher wages, the contract would allow workers to use $5,000 initially allocated for a retirement match to boost their ratification bonus, Axios' Nathan Bomey reports.

What they're saying: Boeing CEO Kelly Ortberg said in a message to all staff that was shared with outlets including Axios early Tuesday that he was "pleased to reach a ratified agreement" with the unions.

• "While the past few months have been difficult for all of us, we are all part of the same team," he added.
• "We will only move forward by listening and working together. There is much work ahead to return to the excellence that made Boeing an iconic company."

IAM District 751 president Jon Holden and IAM District W24 president Brandon Bryant said in a joint statement that they're "ready to help Boeing change direction and return to building the highest quality and safest airplanes in the world."

• The union members "are critical to that mission, and now have a stronger voice in the decision making process to ensure those needed improvements are made," they said.
• "Through this victory and the strike that made it possible, IAM members have taken a stand for respect and fair wages in the workplace."

State of play: Boeing released a staggering earnings report in October showing the company had lost $6.1 billion over the third quarter, which the report said reflects the impacts of the work stoppage.

• The aerospace giant launched a roughly $19 billion share sale last month in a scramble to raise funds.
• The strike was also reflected in Friday's U.S. jobs report, which showed weaker-than-expected job growth. The report indicated 44,000 transportation jobs disappeared last month (most of them from Boeing).

• President Biden issued a statement praising Boeing and the union for reaching an agreement, which he said was "important for Boeing's future as a critical part of America's aerospace sector."
• He noted it was achieved through the support of his economic team that included Labor Secretary Julie Su — whom the union praised for playing "a key role" in helping reach an "agreement that will protect access and pathways to the middle class for thousands of frontline workers."

Thought bubble, via Axios' Emily Peck: More hard work remains for Boeing to begin healing the longstanding and contentious rift between the company's management and its union.

State of play: Ortberg wrote in prepared remarks regarding the third quarter results that "The trust in our company has eroded."

• He continued. "We're saddled with too much debt. We've had serious lapses in our performance across the company which have disappointed many of our customers."

Catch up quick: The previous contract, which expired in September, covered a vast majority of the 33,000 Seattle-area machinists who build the aerospace titan's jets.

• During the costly walkout, Boeing's CEO announced the company would slash 10% of its workforce, roughly 17,000 workers, and would delay deliveries of its 777X jet until 2026.

Go deeper: Boeing lines up $35 billion

Editor's note: This a breaking news story. Please check back for updates.