Posted on 11/08/2012 9:30:28 AM PST by Red Steel
Boeing announced a major restructuring of its defense division on Wednesday that will cut 30 percent of management jobs from 2010 levels, close facilities in California and consolidate several business units to cut costs.
The company told employees about the changes on Wednesday, in a memo obtained by Reuters and confirmed by Boeing.
Boeing, the Pentagon's second-largest supplier, said the changes were the latest step in an affordability drive that has already reduced the company's costs by $2.2 billion since 2010, according to the memo.
The measures come as U.S. weapons makers are under pressure to cut costs and preserve profit margins amid dwindling defense spending in the U.S.
In a message to employees, Dennis Muilenburg, chief executive of Boeing Defense, Space & Security, said the company aimed to cut costs by an additional $1.6 billion from 2013 through 2015.
"We are raising the bar higher because our market challenges and opportunities require it, and our customers' needs demand it," Muilenburg said.
He said the total savings would reach $4 billion, making the company healthier and better able to deal with a tougher marketplace.
He said Boeing would cut the number of executive jobs an additional 10 percent by the end of 2012, bringing overall cuts in its executive team to 30 percent for the past two years, a move that would result in a 10 percent cut in management costs.
Boeing said the changes were not a response to the threat of additional, across-the-board U.S. budget cuts due to take effect on Jan. 2, or the outcome of U.S. elections, but represented another step in its continuing drive to "be more competitive while investing in technologies and people."
Boeing said it could not project exactly how workers would lose their jobs because it would try to place people in its growing commercial business.
...unexpectedly...
In the case of Lockheed Martin, they got two fat contracts the day they announced they were knuckling under.
sorry for the triple post.
Yes. BUT the Obama Administration published ‘guidelines’ that Boeing and other defense contractors not make the announcement(s) until after the election.
law of unintended consequences
Obama said he created five million jobs,to bad he didn’t finish the line (in China).
You don’t think any other incumbent would do the same?
Yes, the voters of Taxifornia are about to get what they voted for.
I just cannot figure out why he didn’t also tell the masses how many jobs were lost during his tenure! / s
The Boeing Commerial Aircraft Services is next. Huge layoffs expected as they just reorganized two weeks ago.
I answered your question, now you present quite another. It’s all in the news. You can google what was done, and when. I’m not into speculating.
Again - You should win an award for always having the most leftist view on every thread you pollute!
Again - You should win an award for always having the most leftist view on every thread you pollute!
Too bad they can’t just lay off the Obama voters.
No, actually, I don’t .. and I’ve a sneaking suspicion that you know it too.
ok
What good is a forum where everyone says the same thing?
I do.
They can just make solar panels, windmills, and grow algae.
Odinga told Boeing to wait with this news until after the election. Obama is a discrace and extreme danger! I can’t stand the little SOB!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.