Boeing Imposes Hiring Freeze, Considers Layoffs Amid Factory Workers' Strike

Boeing announced a hiring freeze, travel restrictions, and potential layoffs to conserve cash during the ongoing factory workers' strike. The strikes come after workers rejected a pay raise offer. Financial cutbacks affect hiring, travel, suppliers, and may lead to temporary furloughs for employees.

Boeing announced Monday that it will freeze hiring and limit travel expenditures, as the aircraft manufacturer seeks to conserve cash amidst a factory workers' strike that began last week.

The company stated that these measures, including reduced spending on suppliers, are necessary due to a challenging business environment. Chief Financial Officer Brian West outlined 10 immediate cutbacks in a memo to employees, which also hinted at potential temporary furloughs for many workers and executives.

Boeing's current financial difficulties are exacerbated by the strike involving about 33,000 machinists and aerospace workers. The company has already lost over USD 25 billion since 2019 and may see another financially unprofitable year.

(With inputs from agencies.)