Jim Cramer Says Don't Sell Boeing Stock Here
Boeing is the latest company that is expected to announce that it will make job cuts following the slowdown in air travel due to the coronavirus pandemic.
The Society of Professional Engineering Employees in Aerospace, which represents about 18,000 engineers in the Puget Sound region, said Boeing informed the union that layoff notices will be issued Friday.
Around 1,300 of the union’s members applied for and were accepted to take buyouts, Bloomberg reported, citing a spokesman for the labor group.
Last month, it was reported that Boeing was considering a plan to reduce its workforce of 160,000 by about 10%. A large amount of the cuts are expected to come from the aerospace giant's commercial arm, which has been pressured by the crisis in the global airline industry.
This followed the company announcing that it was offering voluntary buyouts in April. Dave Calhoun, the new CEO of Boeing, said that the voluntary layoffs offer “aims to reduce the need for other workforce actions.”
Jim Cramer said that a government bailout would not have been able to save the jobs that will be cut.