Boeing imposes hiring freeze, takes steps to conserve cash after strike starts

WASHINGTON (Reuters) - Boeing (NYSE:BA ) is pausing hiring and taking sweeping steps to conserve cash after about 33,000 workers went on strike on Friday including considering temporary furloughs for many employees, managers and executives in the coming weeks.



Boeing Chief Financial Officer Brian West said the "strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future."

In addition to a hiring freeze across Boeing at all levels, the planemaker is stopping most employee travel, suspending non-essential capital expenditures and facilities spending and planning "significant reductions in supplier expenditures and will stop issuing the majority of supplier purchase orders on the 737, 767 and 777 programs."

Source: Investing.com