To Its Entire Workforce Of 161,000
https://www.zerohedge.com/economics/instead-mass-layoffs-boeing-offers-voluntary-buyouts-its-entire-workforce-161000
When Boeing requested a $60 billion bailout from the US government
a few weeks ago, the implicit assumption was that the company may get
some of this funding as long as the chronic stock repurchaser did not engage
in layoffs. That, however, did not stop the brilliant financial alchemists at the
aerospace giant who for the past 7 years turned debt lead into buyback gold,
and instead of issuing a record amount of pink slips,
Boeing generously offered voluntary buyouts to its entire staff of 161,000,
in a bid to shed costs and adapt the massive manufacturer to a coronavirus
crisis that could depress the aircraft market for years.
The move from the Company Which Hopes to Receive Tens of Billions whether
It employs workers or not,
should preserve much-needed cash at
Boeing, which is facing a sharp contraction in demand along with its European
nemesis Airbus. About 44% of aircraft across the globe are in storage due to
the coronavirus lockdown according to an estimate by Cirium,
and with virus cases approaching 1 million worldwide, there’s no telling
when carriers will return to normal schedules, no less buying planes.
Still think the Billions are for You the Taxpayer?