After months of negotiations, Boeing and its engineering union, the Society of Professional Engineering Employees in Aerospace (SPEEA), have finally reached an agreement, announcing a tentative compromise on a six-year contract extension for more than 20,000 of the airline manufacturer's employees after markets closed on Wednesday, according to Bidness Etc News.

The agreement, if approved by the membership, allows the world's biggest airplane maker to be assured of having a stable and reliable workforce beyond 2020, a timeline which is quite critical due to the company's current 777X manufacturing operations.

Boeing Commercial Airplanes CEO Ray Conner believes that reaching the agreement with the SPEEA marks a pivotal step in ensuring the company's smooth operation in the years to come, as well as assuring its workforce that employees' compensation would be fair and just, reported Reuters.

"This tentative agreement recognizes the significant contributions of our engineering and technical workforce and reinforces Boeing's commitment to the Puget Sound region," he said.

Ray Goforth, the executive director of the engineer's union, states that the two parties were able to reach an agreement due to the fact that both sides decided to set aside the issues, which have very little chances of being resolved immediately. Apart from this, the presence of Boeing Co.'s new CEO, Dennis Muilenburg, who replaced James McNerney last July, was also a driving force in the agreement, according to MarketWatch.

"The agreement would not have happened without Muilenburg. This process would not have happened if Muilenburg hadn't blessed it," he said.

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