Boeing will begin handing out layoff letters to its aerospace and other engineers in Seattle and Everett on Friday. "We also will have to adjust our business plans constantly until the global pandemic stops whipsawing our markets in ways that are still hard to predict," he said. Boeing CEO says voluntary layoffs are on the way to adjust to ‘our new reality’ in hard-hit airplane market. Its commercial aircraft unit saw a 65% loss in revenue. New York (CNN Business)Boeing laid off 6,770 workers Wednesday, part of a plan to reduce 16,000 total jobs because of the rapid decrease in air travel during the Covid-19 pandemic. Meanwhile, Boeing shares traded down about 1.1% in the late morning Tuesday, at $170.15 in a 52-week range of $89.00 to $391.00. Nov. 2 (UPI) -- Apple announced Monday it will hold a digital event Nov. 10, at which company is expected to announce its first Mac computers to use Apple silicon chips instead of Intel processors. In July, Boeing CEO David Calhoun announced that the company was conducting a study to consider consolidating the two 787 assembly lines into one. While Boeing notified the laid-off workers Wednesday, most will stay on the payroll through the end of July, the comany said. Read more: Airbus and Boeing Will Keep Making Jets That Airlines Can’t Buy. The price target on the stock is $173.50. Managers are communicating the latest wave of those reductions beginning today. The MAX has been grounded around the world since March 2019, following two fatal crashes. Edward Snowden says he will apply for Russian citizenship. Obamacare open enrollment begins as Supreme Court threat looms. Boeing Co. is preparing to offer buyouts to employees for a second time this year as the virus-stricken planemaker extends its workforce cuts beyond the original 10% target unveiled in April. In February, Boeing helped write legislation to void tax breaks it had been granted by the state of Washington beginning in 2003 to support the 787 program. Apple likely announce Macs with firm's own silicon chips at Nov. 10 event. In early April, Boeing Co. (NYSE: BA) CEO David Calhoun said the company would cut its global workforce of 160,000 by 10% through a series of steps, including voluntary layoffs for eligible employees. Earlier this year, I pondered whether Disney would unveil its new Ratatouille attraction in 2020. The production rate for the Dreamliner is dropping to six per month and the company’s two assembly lines are not going to be kept busy enough to justify keeping both running. ", But despite what Calhoun called "green shoots" -- for example, some airlines recently reporting signs of. Later Wednesday, Boeing said it had restarted production of its beleaguered 737 MAX in Renton, Wash., after a monthslong suspension. “I truly wish the current market demand could support the size of our workforce,” Calhoun said. Nov. 2 (UPI) -- Hospitals and healthcare organizations need to rework their processes and relationships with patients as part of the recovery from the financial crisis caused by COVID-19, a new analysis from Gallup said. Boeing leaders announced a plan to lay off 10% company-wide. ", "We have done our very best to project the needs of our commercial airline customers over the next several years as they begin their path to recovery," Calhoun said. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. by Alan Boyle on April 2, 2020 at 9:56 am April 2, 2020 at 2:29 pm. Boeing employees and guests take photos and welcome a Boeing 777X airplane returning from its inaugural flight at Boeing Field in Seattle. Whereas investors usually respond favorably to projected layoffs, this time it could be that they see a further weakening in what was once the nation’s largest industrial firm. Boeing said in May its 737 program resumed early stages of production, and it plans to slowly increase production of the model to 31 per month by the beginning of 2022. Now 2033 is quite a ways off, but Boeing will have to begin thinking about a replacement for the 737 Max well before then. The numbers publicized Wednesday "represent the largest segment of layoffs" that are expected, a Boeing spokesperson said. Boeing Co. is preparing to offer buyouts to employees for a second time this year as the virus-stricken planemaker extends its workforce cuts beyond the original 10% target unveiled in April. The state, in 2013, added more incentives to keep the 777X program in Washington. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. All rights reserved. All this is just speculation. Obama tells crowd they can 'change America' at pre-election rally. Involuntary Layoffs (ILO's) initially slated for 10/16/20 were defered in October due to the 2nd Round of Voluntary Layoffs (VLO's) completed on 9/16/2020, which were in addition to the ILO's/WARNS given out on 9/18/2020. As Boeing pushes to make painful additional cuts, the company is also “engaging in a full-scale enterprise transformation effort, evaluating every aspect of our business for opportunities to improve,” Calhoun said. The moves cast uncertainty over the future of the Everett, Washington, campus -- the company’s largest outpost. Boeing said in May its 737 program resumed early stages of production, and it plans to slowly increase production of the model to 31 per month by the beginning of 2022. He said Boeing will need to work with airlines to "assure the traveling public that it can fly safe from infection.". "We have come to the unfortunate moment of having to start. Boeing laid off 6,770 workers Wednesday, part of a plan to reduce 16,000 total jobs because of the rapid decrease in air travel during the Covid-19 pandemic. In addition, about 5,500 U.S. workers are being laid off voluntarily. Boeing employs about 35,000 people at its Everett location building 747s, 767s, 777s and 787s.

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