Breaking: 737 MAX to be built in Renton as IAM and Boeing arrange sweeping deal (Update2)

American Airlines Boeing 737-800 N875NN

Just breaking now, The Seattle Times reports that the IAM and Boeing have reached a sweeping deal to place the 737 Max final assembly line in Renton, having secured a new four-year contract as well as a settlement of the National Labor Relations Board complaint against the company’s second 787 final assembly line in Charleston.
UPDATE 2:28 PM: The IAM and Boeing have confirmed the deal, saying that once a December 7 ratification vote takes place, the union will instruct the Obama administration that its grievances have been resolved and the NLRB dispute will be dropped.
UPDATE 4:16 PM: Reactions are pouring in from around Washington, from the State’s two US Senators, the Mayor of Renton, Snohomish County Executive (PDF) and SPEEA
My first pass at the story:
The union leadership has recommended its members approve the new four-year contract, which includes a $5,000 ratification bonus, a 2% cost of living wage increase each of the four years on the contract, pensions for new hires, new health care plans and preservation of medical benefits for retirees.
“Boeing has assessed the business case for locating production of the 737 MAX in Renton in light of the economics of a proposed new labor agreement and the company is prepared to locate 737 MAX production in Renton provided the economics contained in that proposal are achieved,” said Boeing
Here are the complete details of the contract that being shared with the union’s membership.
This is a breaking story and will be updated.