06:58 AM EST, 03/06/2024 (MT Newswires) -- Boeing ( BA ) and the International Association of Machinists and Aerospace Workers will commence talks Friday over a new contract for the first time in 16 years, news agencies reported.

"We're confident we can reach a deal that addresses the needs of our employees while allowing us to win new business in a very competitive global market," the company said in a statement, Bloomberg News reported.

The union represents more than 30,000 Washington state workers building Boeing's ( BA ) 737 Max civilian aircraft. Employees want improved retirement benefits and salary increases of over 40% over the next several years, Reuters reported.

Workers are scheduled to vote on whether to authorize a strike on July 17, but are not able to strike until the current contract expires on Sept 12, Reuters reported.

Boeing ( BA ) did not immediately reply to MT Newswires' request for comment.

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