Spirit AeroSystems To Suspend Factory Operations; Stock Down 9%
(RTTNews) - Aerostructure manufacturer Spirit AeroSystems Holdings, Inc. (SPR) announced on Thursday that it will suspend factory operations prior to contract expiry.
Employees of the company represented by the International Association of Machinists and Aerospace Workers or IAM, rejected a four-year contract and decided to strike.
Starting from the first shift on June 22, employees represented by IAM are not to report for work, but they will receive pay for their regular scheduled hours.
All employees not represented by the IAM should report to work as usual. The company said scheduled overtime is cancelled.
In premarket activity, shares of Spirit are trading at $27.01, down 9% or $2.67 on the New York Stock Exchange.
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Japanese Market Notably Higher
Adding to the gains in the previous session, the Japanese stock market is notably higher on Thursday, following the lack of cues from global markets overnight as they were closed for Christmas holiday. The Nikkei 225 is moving well above the 39,300 level, with gains across most sectors led by index heavyweights and automaker stocks.
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Yen Slides Against Majors
The Japanese yen weakened against other major currencies in the Asian session on Wednesday.
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