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Boeing CEO says the company will begin furloughs soon to save cash during labor strike

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Boeing’s CEO said Wednesday that the company will begin furloughing “a large number” of employees to conserve cash during the strike by union machinists that began last week.

Chief Executive Kelly Ortberg said the layoffs would be temporary and affect executives, managers and other employees.

The furloughs are expected to affect tens of thousands of Boeing employees. Ortberg said employees will be furloughed for one week every four weeks, and he and other senior executives will take pay cuts during the duration of the strike. Ortberg said in a memo to employees that the company is talking to the International Association of Machinists and Aerospace Workers about a new contract agreement that could be ratified.

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