Boeing to Lay off 800 Employees by the Year End (BA)
Aircraft maker, The Boeing Company (NYSE: BA) said on Friday that it will slash about 800 of its workforce by the end of 2012 since mechanists’ requirement for its latest jet programs, 747-8 jumbo jet and 787 Dreamliner, has reduced.
Company’s spokesman, Doug Adler also said that the Boeings will reduce more jobs through attritions so that the total reduction in the workforce is about 2000 to 2.300, in the current year.
“We always expected employment requirements would come down on these programs after we stabilized production. That’s what’s happening,” said Adler, according to the Seattle Times.
The news of workforce reduction surprised everyone as Boeing’s jet production (787) is expected to rise. The Dreamliner 787, whose current production rate is of five jets per month, will jump to 10 jets per month by the end of the year.
The aircraft maker said that jobs cuts are not linked to the recent grounding of Dreamliner 787. Last year technical glitch found in 787 Dreamliners (related to its battery system), prompted worldwide airport regulators to suspend 787 flights.
Boeing said that layoffs will mainly affect staff that carried out restorations and alterations on jets.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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