Money is not a client of any investment adviser featured on this page. The information provided on this page is for educational purposes only and is not intended as investment advice. Money does not offer advisory services.
Boeing plans to lay off 211 employees in Washington state on July 22, a state agency said, referring to a group that likely includes information technology workers that Boeing is letting go in a cost-cutting drive.
The Chicago-based aerospace and defense company said last week it would eliminate an unspecified number of IT workers through involuntary layoffs. The state Employment Security Department said late Wednesday that it had received notice of 211 layoffs planned by the company.
Boeing is slashing costs as it battles for sales with European rival Airbus and tries to widen its profit margins to mid-teens by the end of the decade, from 7.9% in the first quarter.
Boeing did not immediately respond to requests for comment.
The company has said that the IT layoffs include workers in Washington state, but they are not from its commercial airplanes division.
It wasn't immediately clear how many of the company's IT workers in other states also faced layoffs. Boeing has said that the layoffs include management and non-management workers and were being made across the company.
Separately, Boeing is using voluntary layoffs to cut about 4,000 positions by mid-year and up to 8,000 by year-end at its commercial airplanes division.