Boeing Consolidating Facilities, Cutting Jobs in Texas

Aerospace manufacturing giant Boeing (NYSE: BA  ) announced Thursday that it will cut 160 jobs and reduce facilities at its El Paso, Texas, plant.

The reductions come with defense budget cuts planned for the United States, as well as an eye toward improving Boeing's competitiveness, according to the company. The job cuts amount to more than 40% of the Boeing workers at the site.

The cuts, which Boeing says will be completed by the end of 2014, will reduce facility square footage in the El Paso plant by 50% and move operations from three buildings into one. Currently, the El Paso plant makes electronics for defense purposes. Boeing says budget cuts will reduce demand for such products.

"We recognize this will affect the lives of many of the highly skilled men and women who work here, so we will do everything possible to assist our employees, their families and our community through this difficult time." Boeing Network Operations Director Derek McLuckey is quoted as saying in a company press relasee.

The job cuts are the latest move after the aerospace titan announced in 2010 that its defense division would cut 30% of management jobs, as well as restructure and consolidate business units and facilities.

Shares of Boeing have struggled recently due to highly publicized problems with its 787 Dreamliner aircraft.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2191605, ~/Articles/ArticleHandler.aspx, 8/28/2014 11:17:12 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement