Spirit AeroSystems (SPR, Financial) has announced a 21-day furlough for 700 employees due to the financial and logistical strain caused by a prolonged strike at Boeing. The affected employees are involved in the production of Boeing's 767 and 777 wide-body jets.
The strike, involving over 33,000 workers on the U.S. West Coast, began on September 13 and has halted production of these aircraft. This has led to Spirit AeroSystems facing a shortage in cash flow and storage capacity for the jet bodies they manufacture.
In response to these challenges, Spirit AeroSystems has implemented several cost-cutting measures, including the suspension of hiring, restrictions on travel, and limits on overtime. The company acknowledged the significant impact of the furlough on employees and their families, and has pledged to support them during this difficult period.
