Boeing to make more job cuts
Boeing is to cut 10,000 jobs, equating to 6% of its workforce, because of problems facing the airline industry.
The aircraft manufacturer had already announced intentions to cut 4,400 jobs earlier this year, but has now increased that figure by another 5,500.
The latest cuts will be made mainly in its military and space business and in support services.
Boeing chairman and chief executive Jim McNerney told a press conference yesterday that the company was facing “one of the most difficult commercial and financial environments that most of us have ever seenâ€.
The group reported a full year 2008 net profit of US$2.7 billion – 34% down from the $4.1 billion profit achieved in 2007.
It said its figures we hit by a fourth-quarter loss of $56 million, as revenues were hit by machinists strikes in the US.
The strike is estimated to have been responsible for knocking $1.2 billion off its quarter four earnings, forcing it to deliver around 105 fewer aircraft in 2008.
Boeing has lost an order for 15 787 Dreamliners from a Russian airline, blaming the uncertain global economic climate.
It has lowered its earnings forecast for 2009 and declined to make a forecast for 2010 because the economy remains so uncertain.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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