Boeing is immediately freezing hiring, cut overtime and implementing other measures to preserve cash, as the Coronavirus rails the air travel industry.
The company told the employees in a memo on Wednesday “..on top of the work of safely returning the 737 MAX to service and the financial impact of the pause in MAX production, we’re now facing a global economic disruption generated by the COVID-19 coronavirus,”
“Even as we take these steps to protect the business, we ask you to double down on the work you’re doing to improve safety and first-time quality in everything that we do,” they wrote in the memo.
At this time, Boeing is not laying off workers, but will restrict overtime, a Boeing official said.
Boeing plans to draw down the rest of a $13.8 billion loan, as its shares plunge 11 percent..