In a move to further cut costs, aerospace giant Boeing (NYSE:BA) today announced restructuring in its Defense, Space & Security division (BDS). Boeing outlined a number of shifting executive assignments that will take effect Jan. 1 and announced in a press release that BDS is reducing its facilities by more than 10% and plans by the end of this year to have 30% fewer executive positions than it had in 2010.

The changes announced today follow earlier restructuring plans enacted in 2010 that have so far saved $2.2 billion. Citing a message to employees that it obtained, Reuters is reporting that the latest reorganization aims to save $1.6 billion over the next two years and will pare the number of business units in the defense and space operation from 13 to 10.

Dennis Muilenberg, President of Boeing Defense, Space & Security President, said in the press release: "While funding for the U.S. Department of Defense is under extreme pressure, we're innovating and expanding our core, in the U.S. and around the globe, to sustain and grow our business."

Headquartered in St. Louis, Boeing's Defense, Space & Security Division is a $32 billion business with 61,000 employees worldwide.

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