Boeing offers buyouts and pledges 'aggressive' spending cuts in 2017

[Yo_Mama_Been_Loggin]

Boeing Commercial Airplanes executives vowed to continue to "aggressively" cut spending in 2017, announcing worker buyouts on Monday and warning layoffs may follow.

Citing fewer passenger jet sales and tougher competition, the Chicago-based jet manufacturer (NYSE: BA) warned workers and suppliers that it will continue cutting non-labor costs as well.

Boeing Vice Chairman Ray Conner and Kevin McAllister, the new CEO of Boeing Commercial Airplanes, delivered the sobering message to manufacturing employees and managers one week before Christmas.

"Further employment reductions will be necessary and will continue to come from a combination of attrition, leaving open positions unfilled where appropriate and offering a voluntary layoff program in early 2017," Conner and McAllister wrote in a memo. "Involuntary layoffs may occur in some instances. In 2017, we will continue to focus efforts on matching employment levels to business and market requirements."

http://www.bizjournals.com/seattle/news/2016/12/19/boeing-buyouts-job-cuts-layoffs-2017.html?ana=e_ae_set1&s=article_du&ed=2016-12-19&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1482195443&j=76806901

[brush]

1. It figures. The next recession will be starting once the repugs take office. Happens everytime.

[itsrobert]

2. They got giant orders from China and elsewhere

I think they are planning to move some production overseas.