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8/1, 3:01 AM (Source: TeleTrader)
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Boeing supplier Spirit AeroSystems cuts 1,100 jobs

Spirit AeroSystems Inc. announced it will fire 1,100 workers as a result of a diminished production rate for Boeing's 737 Max airplanes amid the crisis caused by the coronavirus pandemic, the company said in a statement.

"Our production rates for commercial aircraft have fallen from historic highs to significantly lower volumes in a matter of months," Chief Executive Tom Gentile wrote, and asserted that "this action, along with previous actions, is intended to reduce costs, increase liquidity and position Spirit to remain financially healthy while we move through a period of recovery in the commercial aviation market."

From the total number of layoffs, 450 will take place in the company's main facility in Wichita, Kansas.

Breaking the News / BU