The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

Boeing freezes hiring in sweeping cost cuts as it grapples with factory worker strike

by admin September 17, 2024
September 17, 2024
Boeing freezes hiring in sweeping cost cuts as it grapples with factory worker strike

Boeing announced sweeping cost cuts Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike by more than 30,000 factory workers.

Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing’s aircraft production.

The manufacturer will make “significant reductions” to supplier spending and stop most purchase orders for its 737 Max, 767 and 777 jetliners, CFO Brian West said in a note to staff. It was the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing work.

The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said at a Morgan Stanley conference Friday. He said the company’s new CEO, Kelly Ortberg, wants to get back to the bargaining table right away to reach a new deal.

“We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks,” West said.

On Friday, Moody’s put all of Boeing’s credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade. That could drive up the borrowing costs of a manufacturer that already has mounting debt.

Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Britain’s royal family wish Prince Harry happy 40th despite strained ties
next post
Mart Wolbert: Uranium Bull Thesis Intact, “Half-time Break” Ending Soon

Related Posts

Netflix hunts for a production partner for its...

June 17, 2024

Southwest Airlines will charge to check bags for...

March 12, 2025

UAW, U.S. dealers increase criticism of Stellantis CEO...

September 14, 2024

Federal Reserve fines Walmart-linked Green Dot Corp $44...

July 23, 2024

Tesla denies report it’s looking to replace Elon...

May 3, 2025

Temu slashes U.S. ad spending, plummets in App...

April 17, 2025

Emirates’ chairman has a message for Boeing: ‘Get...

May 9, 2024

Tesla recalls 200,000 vehicles over backup camera glitch

January 27, 2024

Walmart rolls out new training programs for skilled...

June 7, 2024

‘Would you like to upgrade?’ Travel brands want...

January 17, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,402)
    • Investing (3,381)
    • Politics (4,562)
    • World (4,498)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved