Boeing to Terminate Engineers During Faltering Sales – Kaiser Hoffman Capital

 

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Marshall Parker
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The aircraft manufacturer, Boeing, says that more cuts may be imminent in 2017.

Due to significantly reduced aircraft sales, Boeing Co. intends to terminate the employment of hundreds of its skilled engineers in various locations and may cut additional employment later this year.

The manufacturer intends to dismiss workers this week under the conditions of a voluntary retrenchment package. Boeing has done way with more than a thousand positions at its production facility in Seattle since the beginning of last year.

“Boeing may be making further cuts later this year but this will depend largely on the amount of voluntary resignations and the how the company fares with regards to sales in the coming months,” said Henry Holt at Kaiser Hoffman Capital.

The Chicago-based firm, which materialized as the front of American production under President Donald Trump, has been slowly reducing employment for over a year after aircraft sales dropped dramatically. Since this time last year, Boeing’s total workforce number has decreased by almost 8 percent.

The aircraft manufacturing company’s total revenue dropped by 1.6 percent as Boeing reduced the production of its signature 747 jumbo jetliner.

“Demand for new aircrafts has decreased after orders have become backlogged and an excess of dated models has materialized,” added Holt

The most recent bout of job cuts, which are likely to be implemented within the next 3 months, comes in the wake of the exit of one and a half thousand mechanics who left the company earlier in 2017.The company declined to offer further details about where exactly the work force reduction would occur.

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Kaiser Hoffman Capital, Boeing, jobs, sales

 

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