Boeing Cutting More Than 4,500 Jobs, Report Says

Airplane maker Boeing Co BA is said to be cutting more than 4,500 jobs by the middle of the year as part of its efforts to save costs, according to a report on BBC. http://www.bbc.com/news/business-35923227 According to the company's annual report, it had 161,400 employees as of Dec.31, and the cuts represent about 3% of Boeing's workforce. "A company spokesman said about 1,600 positions will go through voluntary redundancies while the rest will take place through attrition. Most redundancies are set to come from its commercial aircraft division as customers cut back on orders," the report added. Separately, a Reuters report showed that Boeing will also cut about 10 percent of the approximately 5,700 jobs in its test and evaluation division, which conducts flight and lab tests. http://finance.yahoo.com/news/boeing-says-cut-more-4-072128977.html Apart from a tough competition from Airbus Group EADSY, the Chicago, Illinois-based Boeing is facing slower demand in the air cargo market that forced the company to take a charge of $569 million, or $0.84 a share, in the fourth quarter of 2015. Shares of Boeing were down 0.37 percent at $130.40. They have dropped 11 percent this year.