• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Spirit AeroSystems to furlough 700 workers as Boeing machinist strike continues

by October 21, 2024
written by October 21, 2024

Boeing supplier Spirit AeroSystems will furlough some 700 workers as a strike by machinists at the plane maker enters its sixth week, a spokesman for the supplier said Friday.

More than 32,000 Boeing workers walked off the job Sept. 13 after overwhelmingly rejecting a tentative labor deal with Boeing, deepening the aircraft producer’s financial strain and handing a new challenge to CEO Kelly Ortberg, who took the reins just over two months ago.

The temporary furloughs account for about 5% of Spirit’s U.S. workforce, according to its latest annual filing.

The temporary furloughs will affect employees at Spirit’s largest facilities, in Wichita, Kansas, and account for about 5% of Spirit’s U.S. workforce, according to its latest annual filing. Meanwhile, Boeing and its machinists’ union remain at an impasse, and Spirit is considering deeper cuts.

“If the strike continues beyond November, we will have to implement layoffs and additional furloughs,” Spirit spokesman Joe Buccino told CNBC on Friday.

Ortberg, who faces investors in his first earnings call next Wednesday, last week announced a series of drastic measures meant to slash costs as the company’s losses mount, including cutting the workforce by 10%, or about 17,000 people. Boeing is also ending 767 commercial production when orders are fulfilled in 2027 and said its long-delayed 777X wide-body jet won’t debut until 2026, pushing it back yet another year.

Boeing is in the process of raising debt or equity to increase liquidity.

The roughly 700 Spirit workers affected by the 21-day furlough are assigned to the 777 and 767 programs for Boeing, for which Spirit has built up “significant inventory,” Buccino said. Spirit workers on Boeing’s bestselling 737 Max are not affected, he added. Work on all three programs, however, is stalled because of the strike.

Boeing agreed to acquire Spirit this summer, but the companies don’t expect the deal to close until mid-2025. Reuters earlier reported Spirit’s latest furloughs.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Squad member calls for ‘radically’ changing the Supreme Court: ‘SCOTUS reform is on the ballot in November’
next post
Embraer CEO says jet maker studying possibilities for a new aircraft

related articles

Customers sue sneaker company On over shoes that...

October 20, 2025

Giorgio Armani group names longtime executive Giuseppe Marsocci...

October 17, 2025

LendingTree founder and CEO Doug Lebda dies in...

October 15, 2025

UPS is ‘disposing of’ U.S.-bound packages over customs...

October 13, 2025

China outlines more controls on exports of rare...

October 10, 2025

Paramount acquires Bari Weiss’ The Free Press, naming...

October 7, 2025

YouTube to pay $24 million to settle Trump...

October 1, 2025

Charlie Javice sentenced to 7 years in prison...

October 1, 2025

Video game maker Electronic Arts to be acquired...

October 1, 2025

Nearly 200,000 BMWs recalled over potential fire risk

September 30, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Privatize the TSA: 3 steps to better service and enhanced security

    March 27, 2025
  • ‘Legacy of incompetence’: Comer unveils wide-ranging hearing on Biden-Harris ‘failed record’

    September 12, 2024
  • Republican senator claims RFK Jr. mRNA vaccine decision undermines Trump agenda

    August 7, 2025
  • Republicans torch anti-Trump ‘No Kings’ protests, say Dems fear angering leftists in shutdown fight

    October 18, 2025
  • Hunter Biden sought State Department assistance for foreign company while Joe was VP: report

    August 14, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (6,509)
  • Investing (634)
  • Stock (941)

Latest Posts

  • ‘Did not expect that’: GOP Rep Luna speaks out after meeting with Biden on hurricane response

    October 14, 2024
  • FLASHBACK: New Harris campaign senior adviser made several insensitive comments about women, gay people

    July 26, 2024
  • India’s market cap falls below $4 trillion: what’s behind the slump?

    February 14, 2025

Recent Posts

  • Long UK100: bullish momentum fueled by strong corporate earnings and positive market sentiment

    July 31, 2024
  • Top Democratic super PAC launches massive $50M ad spend for Harris leading up to DNC

    July 27, 2024
  • Southwest Airlines will charge to check bags for the first time, launch basic economy tickets

    March 11, 2025

Editor’s Pick

  • Israeli official vows ‘We have more surprises coming up’ for Iran following wave of airstrikes

    June 14, 2025
  • A look back at Trump’s past debates

    September 10, 2024
  • ApeCoin and Akita Inu: Daily Targets and Prices

    October 2, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock