Boeing to Slash 17,000 Jobs, End 767 Cargo Plane Production

Contact Your Elected Officials
The Epoch Times Header

Boeing also announced it will further delay the launch of its new model 777X plane.

Boeing has announced it will lay off 10 percent of its workforce in the coming months and end production of its 767 cargo airplane after it completes current orders for some two dozen jets.

Around 17,000 jobs will be cut as part of the reduction, with Boeing also announcing it will further delay the launch of 777X, a new model that is already several years behind schedule.

The announcement, made by Boeing CEO Kelly Ortberg said in an Oct. 11 memo to employees, comes amid an ongoing strike by 33,000 workers that has halted production of the planemaker’s 737 MAX, 767, and 777 jets.

“Our business is in a difficult position, and it is hard to overstate the challenges we face together,” Ortberg said in the memo. “Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.”

Ortberg said that the job cuts will allow Boeing to “align with our financial reality and to a more focused set of priorities,” adding that the across-the-board reductions will include executives, managers, and regular employees.

Boeing, which in mid-September announced a hiring freeze, a halt to nonessential spending, and teased the possibility of layoffs, said in a separate release on Oct. 11 that it expects to recognize negative impacts to its financial results when it reports third-quarter earnings on Oct. 23. Boeing cited charges for certain commercial and defense programs, as well as the strike, for the impacts. The company now expects revenues of $17.8 billion, a negative operating cash flow of $1.3 billion, and a loss per share of $9.97.

“While our business is facing near-term challenges, we are making important strategic decisions for our future and have a clear view on the work we must do to restore our company,” Ortberg said in a statement that accompanied the release pertaining to earnings.

By Tom Ozimek

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Hamas’s Stubborn Grip on Arms Signals No Desire for Genuine Peace

Hamas’s rhetoric reflects its founding ideology, prioritizing armed resistance over civilian welfare or diplomatic progress.

Off the radar

In the longstanding and brutal ledger of religious persecution, Nigeria now occupies its own grim chapter with its enduring pogrom against Christians.

The New Jackboots? A Wake-Up Call on Antifa and Fascism

An analysis of whether Antifa truly opposes fascism by comparing its tactics and behavior to historical signs and movements of fascist regimes.

If Federal Food Assistance Programs End, Theft Begins

Many patriotic Americans well versed in American History have...

Tucker EN FUEGO: Taking Stock of MAGA, Ten Years on

Draining of the Swamp has yet to come anything close to fruition, as the creatures that populate said Swamp yet cling bitterly to power.

Dallas Doctor Surrenders License After Texas AG Sues for Prescribing Gender Transition Drugs to Minors

Doctor surrendered her medical license following lawsuit by Texas AG Paxton, accusing her of illegally prescribing gender transition drugs to minors.

June Lockhart, Beloved Mother Figure From ‘Lassie’ and ‘Lost in Space,’ Dies at 100

June Lockhart, a mother figure for a generation of TV viewers whether at home in “Lassie” or in the stratosphere in “Lost in Space,” has died at 100.

Kamala Harris Teases New White House Run: ‘I Am Not Done’

Kamala Harris hinted in a BBC interview that she may run for president again in 2028, saying she hasn’t ruled out another White House bid.

TCM Classic Tour at Warner Bros. Studio: Finding Stardust in Today’s Hollywood

Warner Bros. launched the TCM Classic Films Tour in April 2024, offering visitors a nostalgic journey through the studio’s historic movie legacy.

Trump Hikes Canada’s Tariffs by 10 Percent for Not Pulling Anti-Tariff Ad Immediately

Trump announced he will increase tariffs on Canada by 10% after ad by provincial government of Ontario misrepresented President Reagan’s speech on tariffs.

Trump Rolls Back Emissions Rules on Copper Smelters

President Trump issued a proclamation aimed at reversing a Biden-era environmental rule that enforced stricter air emission standards on copper smelters.

Donor Gives $130 Million to Cover Shortfall in Troop Pay During Shutdown

Trump announced on Oct. 23 that an anonymous donor sent $130M to cover military pay during the ongoing government shutdown.

‘Frustration’ With Canada Led to Trump Scrapping Talks, Not Just Ontario’s Ad: US Official

President Trump cited Ontario’s TV ad as the reason for halting Canada trade talks, but officials say it stems from rising U.S. frustration with Ottawa.
spot_img

Related Articles

Popular Categories

MAGA Business Central