• News
  • Markets
    • Bonds
    • Commodities
    • Economy
    • ETFs & Mutual Funds
    • Forex
    • Futures
    • Global Economies
    • Options
    • Previews
    • Small-Cap
    • Stock Analysis
    • Reviews
  • Personal Finance
    • Budgeting
    • Credit Cards
    • Debt
    • Insurance
    • Loans
    • Mortgages
    • Retirement
    • Savings
  • FinTech
  • Business
    • Autos
    • Energy
    • Entrepreneurship
    • Food & agriculture
    • Pharma & healthcare
    • Real estate
    • Retail
    • Sports Money
  • Reviews
  • Tax
  • Crypto Currency
  • About us
MoneyJournals
MoneyJournals
  • News
  • Markets
    • Bonds
    • Commodities
    • Economy
    • ETFs & Mutual Funds
    • Forex
    • Futures
    • Global Economies
    • Options
    • Previews
    • Small-Cap
    • Stock Analysis
    • Reviews
  • Personal Finance
    • Budgeting
    • Credit Cards
    • Debt
    • Insurance
    • Loans
    • Mortgages
    • Retirement
    • Savings
  • FinTech
  • Business
    • Autos
    • Energy
    • Entrepreneurship
    • Food & agriculture
    • Pharma & healthcare
    • Real estate
    • Retail
    • Sports Money
  • Reviews
  • Tax
  • Crypto Currency
  • About us
  • Follow
    • Facebook
    • Twitter
    • RSS
Boeing Pulling in Retired Employees to Fix Production Problems
Home
Business

Boeing Pulling in Retired Employees to Fix Production Problems

September 11th, 2018 Luis Aureliano Business, Markets, Stock Analysis 0 comments

According to the news report by Reuters, Boeing Co. is pulling in its retired workers back to work as the world’s biggest airplane manufacturer attempts to fix issues with missed timelines at its plant outside Seattle, in Renton, Washington. The news was given by a union official on Monday to Reuters. This plant makes the company’s 737 jetliners.

Embed from Getty Images

After meetings in the Seattle area last week, analysts feel that these delays could hurt the company’s third quarter results and could also threaten Boeing’s target of increasing its built rates in 2019. In June, Boeing increased production to record levels, which is what led to the current shortages in engines and fuselages.

Boeing is expected to release its order and delivery report for the month of August, which will give investors about how badly off the company is in terms of its targets versus actuals. July was the month that the company’s deliveries were at their lowest levels in many years.

Which is why investors are eager to see August’s numbers. Deliveries are the key to airplane makers’ revenues as that is the time that airlines pay them most of what is owed to them for their aircraft.

According to Connie Kelliher, the spokesperson for the International Association of Machinists and Aerospace Workers, Boeing reached an agreement with their union on August 15, after which the company was allowed to hire retired mechanics as well as inspectors temporarily.

Kelliher also stated that this was not the first time that the union and Boeing had reached such an agreement. Last autumn, following a spate of voluntary layoffs, Boeing hired retired workers to cover the gap.

Boeing’s spokesperson, Paul Bergman, stated that this step was being taken so that additional resources could be dedicated to the Renton, Washington plant so that they could ensure timely deliveries of aircraft to their customers.

According to analysts, the airplane maker had already deployed an extra 600 employees as well as new hires at the Renton plant in the last few weeks to address this issue. Currently, it is not known how many retired workers have been hired to fill the remaining gap.

Reuters reported in July that there were a number of semi-finished 737 jetliners at the Renton site. However, this time, analysts said that number has gone up several times to about 50.

Boeing stated that this was because of a shortage of fuselages from its supplier Spirit AeroSystems Inc. Additionally, they were short on engines also, which are supplied to the company by CFM International Inc., a joint venture between the French company Safran and General Electric.

Bergman stated that Boeing was working closely with both suppliers as they were getting back on track. He said that the company was also keeping all the customers in the loop about what was going on in terms of mitigating delays. Bergman stated that Boeing was still building 52 airplanes every month despite all the roadblocks they have faced.

CFM confirmed that it was working towards fixing all its issues so that the delays would be taken care of by the end of this year. Spirit, on the other hand, was not available for comment.

Among the airlines that buy Boeing’s 737 jetliner, American Airlines Group Inc. stated that it has experienced slight delays in the delivery of a few 737 MAX jetliners. Southwest Airlines Co., America’s 4 largest carrier, confirmed that it was going to see minor changes on future Boeing 737 deliveries, however, these changes have not impacted the company’s flight operations.

Air Lease Corp.’s spokesperson, Laura Woeste stated that they were still experiencing delivery delays of less than one month.

Boeing Company

Facebook Twitter Google+ LinkedIn Pinterest
Next article Oil Prices Steady As US Inventory Concerns Stop Price Gains
Previous article Ford Shows off First Image of its All-Electric Performance SUV

Luis Aureliano

Luis Aureliano is a business writer and financial analyst. With over 15 years of experience in global finance and an MBA in economics and management, Luis’s areas of expertise include business, marketing, communications, personal finance, macro economics, stocks and emerging markets.

Related Posts

Walmart Stocks Soar after Blockbuster Earnings Report Business
February 20th, 2019

Walmart Stocks Soar after Blockbuster Earnings Report

Tata Motors’ Jaguar Land Rover in Financial Straits Autos
February 18th, 2019

Tata Motors’ Jaguar Land Rover in Financial Straits

Google Maps Releasing Walking-Based AR Feature Markets
February 11th, 2019

Google Maps Releasing Walking-Based AR Feature

Leave a Reply Cancel reply

Market Quotes by TradingView
Weekly Timeline
Feb 20th 2:05 AM
Business

Walmart Stocks Soar after Blockbuster Earnings Report

Feb 18th 2:12 AM
Business

Tata Motors’ Jaguar Land Rover in Financial Straits

Feb 11th 1:41 PM
Markets

Google Maps Releasing Walking-Based AR Feature

Feb 11th 1:35 PM
Markets

World Stocks Open the Week on the Backfoot but Gain Later

Feb 10th 1:40 AM
Business

Tesla Increases Model 3 Deliveries In Europe

Feb 10th 12:56 AM
Business

Europe Starting To Break Up Facebook’s Business

Feb 9th 2:28 AM
Business

Skechers Shares Shoot Up after Strong Earnings and Guidance

Weekly Quote

I like the dreams of the future better than the history of the past.

Thomas Jefferson
  • News
  • Markets
  • Personal Finance
  • FinTech
  • Business
  • Reviews
  • Tax
  • Crypto Currency
  • About us
  • Back to top
Money Journals

About Money Journals News

MoneyJournals.com advises to carefully examine any claim or suggestion made by financial advisers, Journalists or bloggers, before investing or trading under any Brokerage. materials presented in Money Journals.com should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. Money Journals supplies general market commentary and does not constitute investment or trading advice.

Additional information

  • About us
  • Our staff
  • Contact us
  • Write for us
  • Privacy Policy
  • Terms Of Service
© MoneyJournals 2017. All rights reserved.