Boeing is exploring asset sales in a bid to boost its fragile finances by shedding its non-core or underperforming units, the Wall Street Journal reported on Sunday.

The planemaker last week reached an agreement to offload a small defense unit that makes surveillance equipment for the US military, the paper reported, citing people familiar with the deal.

Boeing has lurched from crisis to crisis this year, ever since January 5 when a door panel blew off a 737 MAX jet in mid-air. Since then, its CEO has departed, its production has been slowed as regulators investigate its safety culture, and in September, 33,000 union workers went on strike.

The Journal reported that in recent financial-performance meetings, new CEO Kelly Ortberg asked the heads of the company’s units to lay out the value of those units to the company.

Boeing’s board recently met to discuss the next steps for the company, where directors questioned division heads and combed through reports to examine the state of each unit, the report said.

Striking machinists at Boeing will vote Wednesday on a new contract proposal that includes a 35 per cent pay hike over four years that could end a costly five-week-old strike, the company and union said Saturday.

Around 33,000 of Boeing’s unionized West Coast workers, most in Washington state, have been on strike since September 13.

The work stoppage has halted production of the planemaker’s best-selling 737 MAX and its 767 and 777 widebodies, putting added pressure on the company’s already fragile finances.

Earlier this month, Boeing announced it would cut 17,000 jobs, or 10 per cent of its global staff, and take $5 billion in charges.

Boeing declined to comment on the report.

The latest offer includes a $7,000 ratification bonus, reinstated incentive plan and enhanced contributions to workers’ 401(k) retirement plans, International Association of Machinists and Aerospace Workers Local 751 said.

Boeing said Saturday it looks “forward to our employees voting on the negotiated proposal.” Still, there is no guarantee workers will approve the offer after they overwhelmingly rejected an initial proposal. “The future of this contract is in your hands,” the union told workers Saturday.

Reuters