Boeing said on Tuesday it has offered to extend the timeline for a vote on a new contract by the union representing thousands of its striking U.S. West Coast workers, after they rejected the company's initial Friday deadline.

Boeing and the union that represents 33,000 striking employees at the company say talks between the two have broken down and no new talks are scheduled.

Boeing Co.’s stock slid 1.4% early Wednesday, after the company said it has reached an impasse in its talks with its machinists union to end a strike that estimates say is costing it more than $1 billion a month.