Boeing plans deeper job cuts with new voluntary buyout offer1 min read . Updated: 18 Aug 2020, 05:38 AM IST
The so-called voluntary layoffs will be offered to staffers in the company’s commercial airplanes unit
Boeing Co. is preparing to offer buyouts to its employees for a second time this year as the virus-stricken planemaker extends its workforce cuts beyond the original 10% target unveiled in April.
The so-called voluntary layoffs will be offered to staffers in the company’s commercial airplanes unit, services division and corporate operation, Chief Executive Officer Dave Calhoun said Monday in a message to employees that was seen by Bloomberg News. More details will be made available to workers beginning Aug. 24.
“I truly wish the current market demand could support the size of our workforce," Calhoun said. “Unfortunately, layoffs are a hard but necessary step to align to our new reality, preserve liquidity and position ourselves for the eventual return to growth."
Boeing is rushing to shrink its workforce as jetliner sales dry up because of the coronavirus pandemic, which has caused an unprecedented collapse in air travel. The company is trying to conserve cash as the global aviation industry faces a slow and uncertain recovery.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.