Peter McNally, head of global analyst at Third Bridge, spoke on “The Big Money Show” about how the Boeing factory workers' strike is impacting business.
Boeing is laying off 396 employees at its Washington state location, Reuters reported on Monday.
The move is part of a 10% global workforce reduction announced by the company in October and is expected to affect about 17,000 jobs within Boeing.
Fox Business reported in November that 2,199 Boeing employees in Washington state, totaling more than 60,000 employees, would be laid off in the coming months.
Approximately 200 additional employees will be laid off over the same period in Oregon, South Carolina and Missouri.
Boeing announces layoffs across Florida as concerns grow
Boeing plans to lay off 396 employees in Washington state as part of a 10% reduction in its global workforce after a crisis-hit year. (David Ryder/Bloomberg via Getty Images/Getty Images)
Boeing said a “very small number” of employees will lose their jobs in December, with “the majority retiring in mid-January.”
The company previously said that “eligible employees will receive severance benefits, outplacement services, and health care subsidies for up to three months after leaving the company.”
Aerospace giant cuts 17,000 jobs, Boeing announces layoffs
The layoffs come after a turbulent year that began in early January when a panel exploded mid-air on an Alaska Airlines flight, with job cuts and company restructuring efforts not filling vacancies. .
National Transportation Safety Board investigators say evidence shows that four bolts that held the Boeing 737 Max 9's door plug in place were missing during the explosion on Alaska Airlines Flight 1282. said. (NTSB/FOX News)
Most recently, the company was forced to halt production of its best-selling 737 MAX jets during a weeks-long strike on the West Coast.
“As previously announced, we are adjusting our workforce levels to align with our financial realities and a more focused set of priorities. We are working hard to ensure that we receive this,” Boeing previously told FOX Business.
A Boeing 777-9 jetliner sits on the tarmac during the 2023 Dubai Airshow at Dubai World Central Al Maktoum International Airport in Dubai. (GIUSEPPE CACACE/AFP via Getty Images/Getty Images)
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After several mid-air explosions and safety concerns on flights across the United States, Boeing dealt with the resignation of its CEO and slowed production as regulators investigated the company's safety culture.
Reuters contributed to this report.
