In a Monday statement, the union representing the technical workers of Chicago-based Boeing Co. - the Society of Professional Engineering Employees in Aerospace - revealed that a new four-year labor agreement with the company has been overwhelmingly approved by the workers in a recent vote.

The four-year labor contract, which was earlier rejected by the Boeing technical workers in a February 19 vote, will replace pensions with a 401(k) retirement plan for new appointments at the company.

According to the voting-related details shared by the union representatives in Seattle, the tally of the recent voting showed that the agreement received the approval of 4,244 members of the technical workers bargaining unit. While 654 workers voted to reject the deal, two workers did not participate in the voting.

The overwhelming approval of the agreement by the Boeing technical workers will avert the possibility of a strike. After the technical workers had rejected the four-year labor agreement with the company in a previous voting, the workers' union had warned that a second rejection of the deal would "almost certainly" result in a protracted strike because Boeing had refused to make any improvements to its offer.

Pleased with the latest voting results, Ray Conner - president and CEO of Boeing Commercial Airplanes - said: "The votes by technical workers and engineers in recent weeks will allow us to come together and focus on the challenges and opportunities we face this year."