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Leaked Boeing Memo Details Impending Engineering Layoffs

BA – Boeing internal memo sets details of engineer layoffs in 2017.

Reuters has uncovered a leaked Boeing Co (NYSE:BA) internal memo that details plans to lay off a chunk of its engineering staff, as the aeorspace giant looks to slash costs amid sluggish sales.

The number of coming involuntary layoffs is unclear, but the company reportedly will also offer voluntary job cuts across several other units. The states with jobs in question include Washington, California and South Carolina. Excerpts from the memo can be found below:

“While we have made good progress, more changes are needed to ensure our long-term future,” John Hamilton, vice president of engineering at Boeing Commercial Airplanes, wrote in the memo.

“We continue to operate in an environment characterized by fewer sales opportunities and tough competition.”

The layoffs are set to begin this month, and will be completed in stages. Two additional rounds of job cuts are also planned for later this year, “driven by our business environment and the amount of voluntary attrition.”

Boeing Co shares were unchanged in premarket trading Wednesday. Year-to-date, BA has gained 2.18%, versus a 1.31% rise in the benchmark S&P 500 index during the same period.

BA currently has an POWR Rating of A (Strong Buy), and is ranked #1 of 74 stocks in the Air/Defense Services category.

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