Shares of Boeing ( BA ) are rising in premarket trading on Tuesday after the machinists’ union voted to approve a third contract deal, ending a crippling strike at the plane maker that has lasted nearly two months.

Members of the International Association of Machinists accepted an offer that included a 38% pay increase, along with a ratification bonus that employees can use as part of their retirement savings. The union rejected an earlier offer from Boeing that included a 35% pay increase, extending the strike that began on September 13.

Boeing’s latest proposal received the support of 59% of union members’ votes, the union said.

The stock was recently up almost 2%.

“Although the last few months have been difficult for all of us, we are all part of the same team.”
Boeing Chief Executive Officer (CEO) Kelly Ortberg, who stepped into the role in August, said in a statement. “There is still much work to do to return to the excellence that made Boeing an iconic company.”

Strikers must return to work by November 12

The striking workers, whose absence had brought production to a near standstill, can return to work on Wednesday “and must return at the start of their shift on November 12, 2024”, the union and company said.

Boeing has been hit by a series of crises this year, starting in early January when a door plug came loose during an Alaska Airlines (ALK) flight. The loss of money due to the strike has led to the aircraft manufacturer raising billions of dollars in financing.

Ortberg has announced plans to lay off about 10% of its workforce, or 17,000 employees, “in the coming months” and is delaying the launch of Boeing’s first 777x aircraft.

Boeing shares are still down about 40% this year.