Business News
Boeing cuts 1,000 jobs in defence branch
Jul 15, 2009, 17:42 GMT
Washington/Chicago - Boeing's Integrated Defence Systems said Wednesday it is cutting 1,000 jobs to accommodate the drop in demand in the federal defence budget.
The lost jobs represent about 1.5 per cent of the 70,000 employees in the defence branch.
Branch chief Jim Albaugh told Boeing employees that the company must reduce its staff according to the size of contracts from clients, a company spokesman said.
The spokesman did not confirm that the job reductions were part of a previously announced plan to cut 10,000 positions. Details could emerge when the company releases its quarterly results on July 22.
Boeing is the second largest defence contractor with the US government after rival Lockheed Martin. All told, Boeing employs 160,000 workers.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
