5/27, 5:15 PM (Source: TeleTrader)
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Boeing announces 6,770 involuntary job cuts

Boeing is firing 6,770 of its employees in the United States as it starts implementing new involuntary job cuts this week, the company announced on Wednesday after voluntary leaves were not enough to reduce the aviation company's workforce.

The company noted it will be giving "severance pay, COBRA health care coverage for US employees and career transition services" and added international locations will be announcing separate workforce reduction statements and programs.

CEO David Calhoun said that some sectors are seeing recovery and that Boeing still wants to restart 737 MAX production in Washington state. He added: "But these signs of eventual recovery do not mean the global health and economic crisis is over. Our industry will come back, but it will take some years to return to what it was just two months ago."

Breaking the News / VP