Boeing Co. (IW500/9) is downsizing its St. Louis-based Defense, Space & Security business unit, consolidating some operations and reducing employment by about 500, “in order to push ourselves farther and win more business,” according Leanne Caret, president and CEO of the business unit. The company did not identify its anticipated savings from the consolidation effort.
The Defense business designs and manufacturers bomber aircraft, fighter and attack jets, rotor aircraft, tankers and transport aircraft, surveillance and other military aircraft, and unmanned aerial vehicles. It also designs and manufacturers missiles, satellites, space planes, space probes, and spacecraft. Boeing Defense has about 48,000 employees and accounted for 31.4% of the corporation’s total revenue during Q3 2016.
According to recent reports, Boeing has cut nearly 17,000 jobs this year, or about 4% of its total workforce.
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