Boeing hasn't made an annual profit since 2018 and has lost some $25 billion in the process. Last week, Boeing announced intentions to raise up to $25 billion in new stock and debt to rein in its balance sheet. The company plans to raise the cash over the next three years but isn't wasting any time.
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According to Reuters, the plane maker has wrapped up a deal to sell Digital Receiver Technology, the company's small defense subsidiary in Maryland that makes surveillance equipment for the U.S. military. According to the company's website, DRT designs and manufactures complex Software Defined Radio (SDR) systems used by the intelligence, defense and homeland security communities to gather, analyze and share signals intelligence.
Boeing is selling DRT to Thales Defense & Security, a division of Thales SA, Europe's largest defense electronics firm. The division is also based in Maryland.
The terms of the deal haven't been disclosed, so it's unknown how much of a dent it will make in the company's $25 billion goal.
On Friday, Boeing's new CEO, Kelly Ortberg, announced plans to cut some 17,000 jobs and push back the launch of a new 777 airliner. The company has spent more than $1 billion in cash and ended September with $10.3 billion in cash and securities, according to the AP. A large strain on the company has been the 33,000 striking machinists that have crippled production for more than a month. The union will vote on a new deal this Wednesday that would increase pay by 35% over four years and dole out $7,000 ratification bonuses to workers.
The layoffs extend beyond Boeing. Spirit AeroSystems, which Boeing is in the process of acquiring for some $4.7 billion, announced plans to place 700 workers on three-week furloughs starting this month. If the union can't make a deal by the end of next month, the furloughs will become layoffs.
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Boeing hasn't made an annual profit since 2018
and has lost some $25 billion in the
00:06.789 --> 00:10.340
process.
Last week, Boeing announced intentions to raise
00:10.350 --> 00:15.069
up to $25 billion in new stock and debt to rein
in its balance sheet.
00:15.350 --> 00:20.290
The company plans to raise the cash over the
next three years but isn't wasting any time.
00:20.479 --> 00:24.760
According to Reuters, the plane maker has
wrapped up a deal to sell digital receiver
00:24.770 --> 00:27.750
technology.
The company's small defense subsidiary in
00:27.760 --> 00:31.010
Maryland that makes surveillance equipment for
the US military.
00:31.020 --> 00:37.040
According to the company's website D RT designs
and manufactures complex software defined radio
00:37.049 --> 00:41.979
systems used by the intelligence defense and
homeland security communities to gather analyze
00:41.990 --> 00:46.689
and share signals intelligence.
Boeing is selling D RT to Talus defense and
00:46.700 --> 00:50.500
Security.
A division of Talus S A, the largest defense
00:50.509 --> 00:51.889
electronics firm in Europe.
00:52.220 --> 00:56.880
The division is also based in Maryland.
The terms of the deal haven't been disclosed.
00:56.889 --> 01:02.360
So it's unknown how much of a dent it will make
in the company's $25 billion goal on Friday.
01:02.369 --> 01:08.110
Boeing's new Ceo Kelly Ortberg announced plans
to cut some 17,000 jobs and push back the
01:08.120 --> 01:10.440
launch of a new 777 airliner.
01:10.889 --> 01:16.449
The company has spent more than $1 billion in
cash and ended September with 10.3 billion in
01:16.459 --> 01:20.480
cash and securities.
According to the A P A large strain on the
01:20.489 --> 01:25.400
company has been the 33,000 striking machinists
that have crippled production for more than a
01:25.410 --> 01:27.660
month.
The union will vote on a new deal this
01:27.669 --> 01:34.370
Wednesday that would increase pay by 35% over
four years and dole out $7000 ratification
01:34.379 --> 01:35.959
bonuses to the workers.
01:36.389 --> 01:41.410
The layoffs extend beyond Boeing Spirit,
aerosystems, which Boeing is in the process of
01:41.419 --> 01:48.169
acquiring for some $4.7 billion announced plans
to place 700 workers on three week furloughs
01:48.180 --> 01:51.290
starting this month.
If the union can't make a deal.
01:51.300 --> 01:54.769
By the end of next month, the furloughs will
become layoffs.
01:55.059 --> 01:57.680
I'm David Manti.
This is manufacturing now.
