09:13 AM EDT, 10/09/2024 (MT Newswires) -- (Updates with details from Boeing's ( BA ) statement in the first and second paragraphs.)

Boeing ( BA ) said Wednesday it has withdrawn its recent pay offer of a 30% raise to about 33,000 US workers as negotiations with the striking union broke down.

In a letter to employees, Boeing ( BA ) said that the union's demands were "non-negotiable," adding that "further negotiations do not make sense at this point."

The International Association of Machinists and Aerospace Workers was quoted in media reports as saying the company was "hell-bent on standing on the non-negotiated offer."

"They refused to propose any wage increases, vacation/sick leave accrual, progression, ratification bonus, or the 401k Match/SCRC Contribution. They also would not reinstate the defined benefit pension," the IAM was quoted in a Reuters source.

The strike began on Sept. 13, reportedly costing the company $100 million a day in lost revenue.

The union did not immediately respond to MT Newswires' requests for comment.

Shares of the company were down 1.6% in recent Wednesday premarket activity.

Price: 152.19, Change: -2.46, Percent Change: -1.59