Some engineers of Boeing Company will be no longer a ‘going concern’ with the firm soon.
The aerospace and defense company announced on Tuesday that another round of employee buyouts for engineers companywide is in the offing and warned that layoff notices will be effective this month for the Washington-based engineers.
An internal memo loomed yesterday saying that the vice president of engineering, John Hamilton, of the airplane and jet giant will conduct further job cuts to all employees in his unit as a response on the increasing competition in the market that slows down aircraft sales.
The company did not specify the number of reductions eyeing this month but assured that the buyout package will hit employees in Southern California, South Carolina and Washington with the April 21 being the last workday for those employees accepting the package.
A 60-day involuntary layoff notice to be sent out this January 20 will be given to employees in Washington and will be effective on March 24. Meanwhile, a similar buyout package for blue-collar production workers will be offered this Wednesday.
Last month, leaders of the aerospace company have been warning its employees that more job cuts and cost reductions will be pulled off in 2017 to stay ahead of the competition.
According to the data on the company’s website, the total number of jobs cut in 2016 was nearly 7000, with 8% coming from a mix of buyouts and by not filling empty positions.
Shares of Boeing Company finished up 0.47% on Tuesday, adding $0.75 per share at $159.07, on volume of 2.99 million shares.