Boeing announced sweeping cost cuts including a hiring freeze and a pause on nonessential staff travel to preserve cash as it deals with a strike of 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 and to strike.
“We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,” CFO Brian West said in a staff note on Monday. ” However, our business is in a difficult period. This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.”