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Business: Money 101

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May 21, 2008 10:22 am US/Pacific

Boeing To Lay Off 750 SoCal Employees

Company Lost Contract To Lockheed Martin Corp.

LOS ANGELES (AP) ― The Boeing Co. says it will lay off 750 Southern California employees following the loss of a lucrative satellite contract to a rival aerospace firm.
 
Boeing said in a statement Wednesday the cuts will be focused on engineering staff at its El Segundo and Seal Beach plants.

The company said the first 100 employees will be notified this month, with the layoffs to occur in July.

The reduction will take Boeing's satellite division staff from 7,200 employees to about 6,450.

The move comes after Boeing lost a major U.S. Air Force satellite contract to rival Lockheed Martin Corp.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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