Boeing to Lay Off Hundreds of Workers at Satellite Business
August 24 2015 - 9:34PM
Dow Jones News
By Jon Ostrower
Boeing Co. said Monday it had started issuing notices for what
could be hundreds of layoffs at its satellite business, a move it
blamed partly on the stalled reauthorization of the U.S.
Export-Import Bank, which supports many of its sales.
The aerospace giant expects to lay off "several hundred" workers
over the coming months and into early 2016, a company spokesman
said. Boeing last week confirmed it had lost a satellite deal from
Asia Broadcast Satellite because the company couldn't secure
financing.
"While this is not solely being caused by the expiration of
Ex-Im Bank, this is a factor for the customers who have decided to
maybe hit the pause button or look somewhere else," the Boeing
spokesman said of the planned job cuts.
Boeing has cut thousands of jobs in its defense arm over the
past four years, citing the impact of Pentagon budget cuts.
News of the layoff plan at the satellite business was reported
earlier by Reuters.
Write to Jon Ostrower at jon.ostrower@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 24, 2015 21:19 ET (01:19 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Boeing (NYSE:BA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Boeing (NYSE:BA)
Historical Stock Chart
From Apr 2023 to Apr 2024
