INSUBCONTINENT EXCLUSIVE:
Boeing plans to lay off about 10% of its workers in the coming months, about 17,000 people, as it continues to lose money and tries to deal
that the job cuts will include executives, managers and employees.The company has about 170,000 employees worldwide, many of them working in
manufacturing facilities in the states of Washington and South Carolina.Boeing had already imposed rolling temporary furloughs, but Ortberg
said those will be suspended because of the impending layoffs.The company will further delay the rollout of a new plane, the 777X, to 2026
It will also stop building the cargo version of its 767 jet in 2027 after finishing current orders.Boeing has lost more than $25 billion
since the start of 2019.About 33,000 union machinists have been on strike since Sept
Two days of talks this week failed to produce a deal, and Boeing filed an unfair-labor-practices charge against the International
Association of Machinists and Aerospace Workers.As it announced layoffs, Boeing also gave a preliminary report on its third-quarter
Industry analysts had been expecting the company to lose $1.61 per share in the quarter, according to a FactSet survey, but analysts were
for the 767, and $2 billion for defense and space programs including new Air Force One jets, a space capsule for NASA and a military
refueling tanker.The company based in Arlington, Virginia, said it had $10.5 billion in cash and marketable securities on Sept
Boeing is schedule to release full third-quarter numbers on Oct
23.The strike has a direct bearing on cash burn because Boeing gets half or more of the price of planes when it delivers them to airline
He is a longtime aerospace-industry executive but an outsider to Boeing.The new CEO faces many challenges to turn the company around.The
Federal Aviation Administration increased scrutiny of the company after a panel blew out of a Max during an Alaska Airlines flight in
Boeing has agreed to plead guilty and pay a fine for conspiracy to commit fraud tied to the Max, but relatives of the 346 people who died in
safe enough to carry two astronauts home from the International Space Station.Source: The Associated Press--Agencies
