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Boeing hasn’t made an annual profit since 2018
and has lost some $25 billion in the
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process.
Last week, Boeing announced intentions to raise
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up to $25 billion in new stock and debt to rein
in its balance sheet.
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The company plans to raise the cash over the
next three years but isn’t wasting any time.
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According to Reuters, the plane maker has
wrapped up a deal to sell digital receiver
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technology.
The company’s small defense subsidiary in
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Maryland that makes surveillance equipment for
the US military.
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According to the company’s website D RT designs
and manufactures complex software defined radio
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systems used by the intelligence defense and
homeland security communities to gather analyze
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and share signals intelligence.
Boeing is selling D RT to Talus defense and
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Security.
A division of Talus S A, the largest defense
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electronics firm in Europe.
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The division is also based in Maryland.
The terms of the deal haven’t been disclosed.
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So it’s unknown how much of a dent it will make
in the company’s $25 billion goal on Friday.
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Boeing’s new Ceo Kelly Ortberg announced plans
to cut some 17,000 jobs and push back the
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launch of a new 777 airliner.
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The company has spent more than $1 billion in
cash and ended September with 10.3 billion in
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cash and securities.
According to the A P A large strain on the
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company has been the 33,000 striking machinists
that have crippled production for more than a
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month.
The union will vote on a new deal this
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Wednesday that would increase pay by 35% over
four years and dole out $7000 ratification
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bonuses to the workers.
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The layoffs extend beyond Boeing Spirit,
aerosystems, which Boeing is in the process of
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acquiring for some $4.7 billion announced plans
to place 700 workers on three week furloughs
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starting this month.
If the union can’t make a deal.
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By the end of next month, the furloughs will
become layoffs.
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I’m David Manti.
This is manufacturing now.