Boeing Co said on Wednesday it will restructure its defense, space and security business and cut 30 percent of management jobs from 2010 levels as part of a broad cost-cutting drive.
Boeing, the Pentagon's second-largest supplier, said it also will close some facilities in California and consolidate several business units in an effort to trim $1.6 billion in costs by the end of 2015, on top of $2.2 billion in reductions achieved since 2010.
"We are raising the bar higher because our market challenges and opportunities require it, and our customers' needs demand it," Dennis Muilenburg, chief executive of Boeing Defense, Space & Security, told employees in a memo obtained by Reuters and confirmed by Boeing.
He said the total savings of $4 billion would make the company healthier and better able to deal with an increasingly complex and challenging marketplace. Read more >>