The Boeing Company (NYSE: BA, TYO: 7661), a major aerospace and defense corporation, announced Wednesday that it would cut 750 jobs in southern California due to recession in its satellite assembly and integration business.
The majority of cuts will be conducted in engineering staff. This lay-off resulted from Boeing's loss to rival Lockheed Martin a bid to lead a $3.5 billion program to build a GPS satellite as a part of the U.S. space program.
The cuts will be made at plants in El Segundo and Seal Beach.
The first 100 satellite employees will be laid off in July. The remaining 650 workers will be released in July and August.
The company will help the employees find jobs at other Boeing locations.
The discovery of the submarine has unveiled a few "inconsistencies." For example, how can one explain the fact that the sub was found where it needed to be searched for from the start?