{"id":76786,"date":"2024-10-12T04:00:09","date_gmt":"2024-10-12T04:00:09","guid":{"rendered":"http:\/\/guid_108046813"},"modified":"2024-10-12T04:00:09","modified_gmt":"2024-10-12T04:00:09","slug":"boeing-to-cut-17000-jobs-as-losses-deepen-during-factory-strike","status":"publish","type":"post","link":"https:\/\/wp.timesamerica.net\/boeing-to-cut-17000-jobs-as-losses-deepen-during-factory-strike\/","title":{"rendered":"Boeing to cut 17,000 jobs as losses deepen during factory strike"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"https:\/\/wp.timesamerica.net\/wp-content\/uploads\/2024\/10\/boeing-to-cut-17000-jobs-as-losses-deepen-during-factory-strike.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"RelatedQuotes-relatedQuotes\" id=\"RegularArticle-RelatedQuotes\">\n<div class=\"RelatedQuotes-quotesContainer\">\n<div class=\"RelatedQuotes-titleAndTime undefined\">\n<p class=\"RelatedQuotes-text\">In this article<\/p>\n<\/div>\n<ul class=\"RelatedQuotes-list\">\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">BA<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"RegularArticle-WatchlistDropdown\" data-analytics-id=\"RegularArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<\/ul>\n<\/div>\n<div class=\"RelatedQuotes-cfaButtonContainer\"><button id=\"ArticlePageTickerCreateAccountButton\" class=\"CreateFreeAccountButton-buttonContainer\"><span class=\"CreateFreeAccountButton-buttonText\"><span>Follow your favorite stocks<\/span><span class=\"CreateFreeAccountButton-buttonTextBold\">CREATE FREE ACCOUNT<\/span><\/span><\/button><\/div>\n<\/div>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-108046797\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div class=\"InlineImage-imagePlaceholder\" style=\"padding-bottom:55.55555555555556%\">\n<div style=\"height:100%\" class=\"lazyload-placeholder\"><\/div>\n<\/div>\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">Boeing 737 MAX airliners are pictured at the company&#8217;s factory in Renton, Washington, on Sept. 12, 2024.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">Stephen Brashear | AP<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><span class=\"waslinkname\">Boeing<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> will cut 10% of its workforce, or about 17,000 people, as the company&#8217;s losses mount and a <span class=\"waslinkname\">machinist strike<\/span> that has idled its aircraft factories enters its fifth week. It will also push back the long-delayed launch of its new wide-body airplane.<\/p>\n<p>The manufacturer will not deliver its <span class=\"waslinkname\">still-uncertified 777X<\/span> wide-body plane until 2026, putting it some six years behind schedule. The company in August paused flight tests of the aircraft when it discovered <span class=\"waslinkname\">structural damage<\/span> in one of them. It will stop making commercial 767 freighters in 2027 after it fulfills remaining orders, CEO <span class=\"waslinkname\">Kelly Ortberg<\/span> said in a staff memo Friday afternoon.<\/p>\n<div style=\"height:100%\" class=\"lazyload-placeholder\"><\/div>\n<p>&#8220;Our business is in a difficult position, and it is hard to overstate the challenges we face together,&#8221; Ortberg said. &#8220;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.&#8221;<\/p>\n<p>Boeing expects to report a loss of $9.97 a share in the third quarter, the company said in a surprise release Friday. It expects to report a pretax charge of $3 billion in the commercial airplane unit and $2 billion for its defense business.<\/p>\n<p>In preliminary financial results, Boeing said it expects to have&nbsp;an operating cash outflow&nbsp;of $1.3 billion for the third quarter.<\/p>\n<p>The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job, tasked with returning Boeing to stability after safety and manufacturing crises, including a near-catastrophic midair door-plug blow out earlier this year.<\/p>\n<p>The machinist strike is yet another challenge for Ortberg. Credit ratings agencies have warned the company is at risk of losing its investment-grade rating, and Boeing has been burning through cash in what company leaders hoped would be a turnaround year.<\/p>\n<div style=\"height:100%\" class=\"lazyload-placeholder\"><\/div>\n<p>S&amp;P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike of more than 30,000 machinists, which began Sept. 13 after machinists overwhelmingly <span class=\"waslinkname\">voted down<\/span> a tentative agreement the company reached with the union. Tensions have been rising between the manufacturer and the International Association of Machinists and Aerospace Workers, and <span class=\"waslinkname\">Boeing withdrew a newer contract<\/span> offer earlier this week.<\/p>\n<p>On Thursday, Boeing said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers of negotiating in bad faith and misrepresenting the plane makers&#8217; proposals. The union had blasted Boeing for a sweetened offer that it argued was not negotiated with the union and said workers would not vote on it.<\/p>\n<p>The job cuts, which Ortberg said would occur &#8220;over the coming months,&#8221; would hit just after Boeing and its hundreds of suppliers have been scrambling to staff up in the wake of the Covid-19 pandemic, when demand cratered.<\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"RelatedContent-relatedContent\" id=\"RegularArticle-RelatedContent-1\">\n<div class=\"RelatedContent-container\">\n<div class=\"RelatedContent-nonCollapsibleContent\">\n<h2 class=\"RelatedContent-header\">Don\u2019t miss these insights from CNBC PRO<\/h2>\n<div class=\"group\">\n<ul>\n<li><span class=\"waslinkname\">What the Google breakup threat means for Alphabet&#8217;s stock<\/span><\/li>\n<li><span class=\"waslinkname\">Berkshire Hathaway owns 100% of this utility giant, but it&#8217;s been a weak spot for the conglomerate<\/span><\/li>\n<li><span class=\"waslinkname\">Nvidia shares to remain stuck for the rest of the year, says Citi<\/span><\/li>\n<li><span class=\"waslinkname\">\u2018That\u2019s it?\u2019 Morgan Stanley rips Tesla robotaxi event for lack of detail<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"ArticleBody-MobileAdhesion\" class=\"MobileAdhesion-container\" data-module=\"mps-slot\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this article BA Follow your favorite stocksCREATE FREE ACCOUNT Boeing 737 MAX airliners are pictured at the company&#8217;s factory in Renton, Washington, on Sept. 12, 2024. Stephen Brashear | AP Boeing will cut 10% of its workforce, or about 17,000 people, as the company&#8217;s losses mount and a machinist strike that has idled its &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-76786","post","type-post","status-publish","format-standard","hentry","category-bussiness","no-thumb","no-post-featured"],"_links":{"self":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts\/76786"}],"collection":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/comments?post=76786"}],"version-history":[{"count":0,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts\/76786\/revisions"}],"wp:attachment":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/media?parent=76786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/categories?post=76786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/tags?post=76786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}