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Remember back in September when the Obama administration encouraged defense contractors to delay layoff announcements until after the election, offering to reimburse contractors for any legal costs incurred in not informing their affected employees? We knew that Lockheed Martin took ‘em up on their offer. And today, we find out so did Boeing.
Boeing announced a major restructuring of its defense division on Wednesday that will cut 30 percent of management jobs from 2010 levels, close facilities in California and consolidate several business units to cut costs.
The company told employees about the changes on Wednesday, in a memo obtained by Reuters and confirmed by Boeing.
Boeing, the Pentagon’s second-largest supplier, said the changes were the latest step in an affordability drive that has already reduced the company’s costs by $2.2 billion since 2010, according to the memo.
The measures come as U.S. weapons makers are under pressure to cut costs and preserve profit margins amid dwindling defense spending in the U.S.
In a message to employees, Dennis Muilenburg, chief executive of Boeing Defense, Space & Security, said the company aimed to cut costs by an additional $1.6 billion from 2013 through 2015.
Because higher unemployment and fewer folks on the tax roll is exactly what California needs right now…
Perhaps the most fair method to determine who gets laid off first is to go out into the parking lot and find all the cars with Obama/Biden stickers on them, and start with them.
In related news…
Vegas Employer: Obama Won–So I Fired 22 Employees — This is just the start of it folks. Going Galt is about to be the new norm. In four more years we’ll look back on 7.9% unemployment as “the good ol’ days”.
UPDATE – And it’s not just Boeing today. Pepsi announces 4000 layoffs.
PepsiCo Inc. is considering to cut approximately 4,000 employees and reduce pension contributions in order to increase their income.
Citing a source, reported the New York Post, quoted by Reuters on Friday (06.01.2012), currently the company offers retirement plans and matching contributions to 401 thousand retirement savings account.
One of these large companies believe that by offering both of these is an act that is more generous.
Pepsi-party claims when 401 thousand by eliminating the retirement savings account that will save the company up to USD75 million. The layoffs, accounting for approximately one percent more than the payroll company, will include a small number of workers at its headquarters.
Man…the end of year unemployment numbers are going to be a train wreck (you know, much worse than the train wreck they’ve been since Obama took office.