Boeing is set to reduce its workforce by 10%, equating to about 17,000 jobs, as the company aims to implement structural changes for long-term competitiveness.
The machinist strike has severely impacted Boeing, as the company gets paid for half of the cost of a plane only after delivery, hindering cash flow.
Development of Boeing's 777X planes is delayed to 2026 due to ongoing strikes and developmental challenges, following setbacks with their 737 Max and Starliner programs.
This decision comes on the heels of Boeing's significant legal troubles, including pleading guilty to defrauding the government in relation to the 737 Max crashes.
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