Spirit AeroSystems Holdings Inc.’s stock
SPR,
tumbled 9% premarket Thursday, after the aerospace company said it’s suspending factory operations after unionized workers voted to strike. Workers represented by the International Association of Machinists and Aerospace Workers rejected a four-year contract offer from the company and opted to strike instead. The company said it was “disappointed” and that is believes the offer was “fair and competitive.” “We know that no one wins in a work stoppage; however, we respect the rights of our represented employees. Despite this setback, we are not distracted from the task at hand. We look forward to continued meetings with IAM leadership,” the company said in a statement. IAM-represented workers are not to report to work starting Thursday but will receive pay for regularly scheduled work hours, said the statement. The stock has gained 0.3% in the year to date, while the S&P 500
SPX,
has gained 14%.
