A tentative deal has been reached to end the five-week-long strike at troubled aircraft maker Boeing, the union announced to its 33,000 striking members early Saturday.

The strike has been a huge blow for an already struggling company, which despite recent issues remains a key component to the US economy. Boeing is America’s largest exporter and has an estimated annual contribution of $79 billion to the economy, supporting 1.6 million jobs directly and indirectly at 10,000 suppliers spread among all 50 states. The strike occurred only a month into the job for its new CEO, Kelly Ortberg, who has stated he wants to “reset” the troubled relationship between the union and the company.


The union said the offer would increase wages 35% over the four-year life of the contract. It will also increase company contributions to the members’ 401(k) plans, although it will not restore the traditional pension plan that was taken away from union members 10 years ago. Many union members had expressed anger over the loss of the pensions.

The union credited Acting Labor Secretary Julie Su with brokering the deal in indirect talks between the union and management. Su had also negotiated the end of a strike by the International Longshoremen’s Association at dozens of ports on the East and Gulf Coasts earlier this month after a three-day walk-out earlier this month.