Boeing's $35 Billion Headache: Strike's Costly Toll Mounts
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Boeing Layoffs and Strike Update
On Tuesday, the union representing over 30,000 Boeing workers held a rally in Seattle. The company plans to lay off approximately 17,000 employees, with redundancy notices expected in mid-November. Despite the announcements, Boeing's shares rose by 2.2%.
The layoffs will be mandatory, and workers will receive severance payments. Boeing stated, These are prudent steps to enhance our liquidity. BBC News reports that the layoffs will not currently affect striking workers.
Boeing also announced a one-year delay in deliveries of its 777X aircraft. Credit rating agencies had previously warned of potential downgrades due to the strike, increasing Boeing's borrowing costs.
The strike at Boeing, a company crucial to the US economy, has raised concerns for the Biden administration. On Monday, Acting US Labor Secretary Julie Su met with union and Boeing representatives in Seattle.
In other news, a German airline has agreed to pay $4 million to settle claims of discrimination against Jewish passengers.
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