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Boeing Resumes 737 Max Production But Prepares For Job Cuts Hitting Nearly 13000 Workers

By John F. Heerdink, Jr.

As per reports, Boeing workers in the U.S  are set to lose jobs in the coming weeks, as it is the company’s plan to slash its global workforce by 10%. More layoffs are expected to take place including layoffs in the U.K too.

“I wish there were some other way,” wrote chief executive Dave Calhoun in an email to staff.

The aerospace giant has been facing a crisis from a drop in demand for aircraft, as travels plunge amid the COVID-19 pandemic, worsening the situation as the company has already been facing challenges due to two fatal crashes of its 737 Max plane and the global grounding of the plane since last year with customers canceling more than 100 orders for the 737 aircraft.

This week, Boeing informed to have resumed production of 737 Max planes at its Renton, Washington factory at a “low rate”.

“But these signs of eventual recovery do not mean the global health and economic crisis is over,” Mr. Calhoun stated. “Our industry will come back but it will take some years to return to what it was just two months ago.”

Boeing also announced 400 reductions in its factory in Winnipeg, Canada, and another 230 near Melbourne, Australia.

Boeing stated, “several thousand remaining layoffs will come in much smaller additional groups over the next few months.”

Dow 30 component Boeing (NYSE: BA) is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems. To learn more about Boeing (BA) and to track its ongoing progress please visit the Vista Partners Boeing (BA) Coverage Page.





Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: Boeing job cuts start to hit nearly 13,000 workers in BBC)


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