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Boeing (BA.US) to Cut 396 Jobs in Washington State as Part of 'Streamline' Plan

AInvestMonday, Dec 9, 2024 10:10 pm ET
1min read

Intelligible Finance learned that Boeing (BA.US) will lay off 396 employees at multiple locations in Washington state, according to a notice released by the Washington state employment security department on Monday. The layoffs are part of a larger round of job cuts announced by Boeing in October, which is expected to affect a total of 17,000 jobs, or about 10% of the company's global workforce, through layoffs or by not filling vacancies.

Boeing is trying to get its most popular 737 MAX jetliner back into production after a strike by more than 33,000 workers on the West Coast that lasted for weeks, shutting down most of its commercial aircraft production. Asked for comment, Boeing noted that it is adjusting its workforce to align with its "financial reality and more focused priorities."

Boeing completed a $24.3 billion stock offering in November, as the aircraft maker seeks to strengthen its financial position and maintain its investment-grade credit rating.

A similar notice in November said the company would lay off more than 2,500 workers in Washington, Oregon, South Carolina and Missouri. So far, Washington has been the hardest hit state. Boeing has more than 60,000 employees in Washington, its largest workforce, and produces most of its commercial aircraft there.

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