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Boeing to cut 10,000 jobs following losses

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Boeing to cut 10,000 jobs following losses

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US plane maker and defence contractor Boeing has reported a fourth quarter loss of 42 billion euros and will cut 10,000 jobs “through attrition, retirement and layoffs.” The total also includes 4,500 announced earlier in the commercial aircraft division.

Boeing says a two month strike by machinists last year cost it the equivalent of nearly 1.4 billion euros and almost halved revenues in its airliner division. As a result Boeing delivered 50 aircraft in the fourth quarter rather than the 120 it would have normally. The company is also forecasting lower earnings this year linked to delays to its newest plane, the 787 Dreamliner, now two years behind schedule. The latest stretched version of its 747 jumbo jet was also delayed between six and nine months by supply-chain problems from a redesign.