The strike that put Boeing in crisis has ended.

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Boeing's West Coast factory workers accepted a new contract proposal offered by the Company with a vote on Monday. The acceptance of the proposed offer ended a seven-week strike.

The union stated that 59% of its members voted in favor of the new contract, which includes a 38% wage increase spread over four years, and that it alleviated pressure on new Boeing CEO Kelly Ortberg following the rejection of two previous offers in recent weeks.

Jon Holden, the union's chief negotiator, addressed the members after the results were announced, saying, "This is a victory. We can hold our heads high."

THEY HAD BEEN ON STRIKE FOR A LONG TIME

Approximately 33,000 machinists working on the best-selling 737 MAX jets, as well as the 767 and 777 wide-body aircraft, had been on strike since September 13, demanding a 40% wage increase and the reinstatement of the defined pension benefits lost a decade ago.

The International Association of Machinists and Aerospace Workers (IAM) indicated that workers could begin producing aircraft again starting Wednesday and that they should be back on the job by November 12, while Boeing warned that some employees would need retraining due to their extended absence from the factory site.

Analysts noted that the strike cost Boeing approximately $100 million in lost revenue per day and led the aircraft manufacturer to raise $24 billion from investors last week to maintain its investment-grade credit rating.