Boeing Slashes 6,770 US Workers, Sees No Recovery In Air Travel For “Years”
by Tyler Durden
ZeroHedge.com
Wed, 05/27/2020
Update (11:40 ET): Boeing CEO Dave Calhoun has just released an update on this week’s layoffs. He said involuntary layoffs have begun, a total of 6,770 US workers will be cut this week, adding that work reduction programs have already gone into effect for the company’s international facilities.
“Following the reduction-in-force announcement we made last month, we have concluded our voluntary layoff (VLO) program. And now we have come to the unfortunate moment of having to start involuntary layoffs (ILO). We’re notifying the first 6,770 of our U.S. team members this week that they will be affected. We will provide all the support we can to those of you impacted by the ILOs — including severance pay, COBRA health care coverage for U.S. employees and career transition services,” the statement read.
“Our international locations also are working through workforce reductions that will be communicated locally on their own timelines in accordance with local laws and benefit terms,” the statement continued.
Calhoun also gave an update on the 737 Max program. He said production is set to restart at its Renton, Washington facility in the near term.
“We’re moving forward with our plan to restart 737 MAX production in Renton, Washington, as our return-to-service efforts continue. And our Global Services team is changing its organization to ensure it is lean and focused on the post-COVID needs of its customers.”
He reiterated that the commercial airliner industry “will come back, but it will take some years to return to what it was just two months ago.” Further signaling, the travel and tourism industry remains doomed through 2021.
But none of this matters for day trading Robinhood folks who’ve been buying every dip in Boeing shares.
The Rest…HERE
Hope all the airlines go busted, they treat people like trash and go thru all the security checks, etc.