Boeing freezes management hiring and cuts costs as union strikes
Boeing has frozen hiring, delayed pay raises, and cut supplier orders as it faces financial strain from a machinist union strike, which may be costing the company $500 million weekly, reports the Journal. The strike began after union members rejected a contract offering a 25% wage increase, seeking 40% instead. Boeing also announced furloughs, halted nonessential spending, and paused charitable donations. Credit-rating agencies are monitoring Boeing’s cash flow, warning that a prolonged strike could lead to a downgrade.
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