Boeing shakes up shrinking defense business
Boeing is shaking up its shrinking defense division, putting some executives into new roles and reducing the number of managers.
Boeing makes military helicopters and planes, in addition to commercial jets used by airlines. The commercial airplane business has been expanding. But the defense business is suffering because of tight government spending in the U.S. and other countries.
Boeing says it is reducing defense executives by 30 percent from 2010 levels. Spokesman Todd Blecher says much of that has already happened, and the last 10 percent of the cuts will come by the end of the year. On Wednesday, Boeing reassigned several defense executives.
Boeing says it has cut defense facilities by 10 percent "and is looking for more over time." It did not say which facilities will be affected.
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