Business

The Layoff Report: Boeing

Business

Retired from American Airlines after a 34 year career in corporate treasury management. Professional income tax preparer. Graduate of Georgetown University (BS Foreign Service) and The University of Texas at Arlington (MBA). Contributor to TMR since 2007. Host of "Italian Tomatoes" show on Blog Talk Radio. I am a center-right Republican with a passion for business, history and current affairs. Go to Blog Talk Radio to listen to my latest show The Liberal Cosmos Is Cracking Up

 

Boeing has announced plans to cut $1.6 billion of costs in its defense division.   These cuts come on top of $2.2 billion of previous reductions the company has made during the past two years.   The downsizing is a strategic initiative to better position the defense division, which constitutes 40% of the entire company,  in an environment of  sharply reduced government spending.  The decision is not related to the sequestration issue now looming over the federal budget.

The move includes significant layoffs of up to 30% of management personnel, plant closings and renegotiation of terms with suppliers. While the company will try to find places for affected employees in its growing commercial businesses, the losses will be felt in today’s listless employment market, especially as defense industry jobs tend to be among the most highly paid. Other defense contractors face similar pressures, and Boeing joins Lockheed Martin , Northrop Grumman and Raytheon, who have all been slashing costs.

Photo: Boeing Headquarters, courtesy of J Crocker via Wikipedia

Get Free Email Updates!

Signup Now to Receive Updates and Alerts!

We will never give away, trade or sell your email address. You can unsubscribe at any time.

More in Business

mcdonalds ceo out cnbc

McDonalds CEO Departs Amid Stagnant Sales

Streetwise_ITJan 29, 2015
A customer holds an iPhone 6  and iPhone 6 Plus after the phones went on sale at the Fifth Avenue Apple store in Manhattan, New York

Thanks to iPhone 6 sales, Apple ties with Samsung for top smartphone rank

Candice LanierJan 29, 2015
inet

Leader of Soros-Founded INET: Rich are Ready to Flee in Case of Uprising

Steve FoleyJan 29, 2015
IBM_CeBIT_2010 via Patrick H Flickr Wiki-s

Layoffs- Is IBM Prepping The Big One?

Streetwise_ITJan 27, 2015
IMG_1910.0.0

Big Government Liberal Policies Kill Another Restaurant in San Francisco

Steve FoleyJan 27, 2015

The Minority Report is a network of websites devoted to Conservative & Libertarian politics in the United States. In 2014 the network had over 20 million page views!

On this site you'll find posts & links to some of the best and most comprehensive center-right news and opinion on the net...

November 2012
M T W T F S S
« Oct   Dec »
 1234
567891011
12131415161718
19202122232425
2627282930  

Archives

Copyright © 2014 The Minority Report Network