March 11, 2020 / 4:19 PM / a month ago

EXCLUSIVE-Boeing to freeze hiring, overtime on 737 MAX, virus impacts- sources

SEATTLE/PARIS, March 11 (Reuters) - Boeing Co is freezing new hiring and overtime except in certain critical areas in efforts to preserve cash due to the coronavirus outbreaks and the 737 MAX grounding, people familiar the matter said on Wednesday.

Layoffs or furloughs were also a “real possibility” but were seen as a separate, later action, one of the people said. A second industry source said job cuts were likely as the aviation industry is squeezed by plummeting travel demand and a safety ban on the 737 MAX after two fatal crashes hit the one-year mark.

A Boeing official said there were no plans at this time for job cuts but the company was closely monitoring business conditions. (Reporting by Eric M. Johnson in Seattle and Tim Hepher in Paris; editing by Diane Craft)

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