07:49 AM EST, 03/06/2024 (MT Newswires) -- (Updates second paragraph with new quote)

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.

"As we sit down at the bargaining table, we believe there's a path to a new deal, a deal that addresses your needs while allowing our company to remain competitive so we can bring home new business for all of us," Boeing Commercial Airplanes President and Chief Executive Stan Deal said in a video address to union members posted on the company website.

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.

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