Boeing announced plans to cut costs, including a hiring freeze and a pause on nonessential staff travel, to preserve cash as it deals with a strike of factory workers, mostly in the Seattle area, who overwhelmingly rejected a tentative labor deal and went on strike last Friday. Boeing CFO Brian West, who said while speaking at a Morgan Stanley conference Friday that the company is focused on conserving cash, said in a note to staff on Monday: “We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume. However, our business is in a difficult period. This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.”
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