The International Association of Machinists and Aerospace Workers said early Saturday that it plans to hold a ratification vote on Wednesday that could end the Boeing strike.

The strike has led new Boeing CEO Kelly Ortberg to announce about 17,000 layoffs and take early steps toward raising up to $25 billion from new stock or debt to bolster the company's finances.

The machinists union that represents more than 33,000 workers said that the deal includes raises of 35 percent over the four-year life of the contract.

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.

Striking workers at Boeing will vote next week on a new offer that could end a walkout that has lasted more than a month.

Boeing and the union representing striking machinists have negotiated a new contract proposal that would provide bigger pay raises and bonuses in a bid to end a costly walkout that has crippled production of airplanes for more than a month.

Robert Wall is Executive Editor for Defense and Space. Based in London, he directs a team of military and space journalists across the U.S., Europe and Asia-Pacific. Boeing’s Striking Union Workers To Vote on New Contract Offer is part of Aviation Week Network's complimentary online access.

Boeing and its machinists’ union have reached a new contract proposal, the union said Saturday, outlining a deal that could end a more than month-long strike that has hobbled the manufacturers’ aircraft production.

Boeing reached a tentative deal Saturday with its unionized machinists to end a strike that has dragged on for more than a month, delaying production and leading to thousands of layoffs, union officials say.

Boeing has offered striking machinists a 35% pay rise over four years in a new contract proposal they hope will end a month-long strike. About 33,000 unionised workers, mostly in Seattle, will vote on Wednesday whether to accept the offer from the aviation giant.