09:35 AM EDT, 05/31/2024 (MT Newswires) -- (Updates with Boeing's ( BA ) statement in the last paragraph.)

Boeing ( BA ) firefighters have ratified a new contract with significant pay increases, the Associated Press reported on Thursday, citing the union.

The vote was 86-24 to ratify a tentative agreement, ending a lockout that lasted over three weeks, the Associated Press said.

The agreement covering about 125 workers in the Seattle area guarantees overtime pay and annual raises of 2% to 3% through 2027, boosting yearly compensation by about $21,000 on average, according to the report.

The report added employees will reach the top pay scale in 10 years instead of the initially proposed 14 or 19 years.

"We're pleased our firefighters have ratified a new contract and look forward to them returning to work," Boeing ( BA ) said in an email to MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 173.14, Change: +0.39, Percent Change: +0.23