Boeing Initiates Voluntary Layoff Plan, Sees "New Reality" Post-Coronavirus

Boeing (NYSE: BA) is offering early retirement and buyout packages to its workforce, part of the aerospace giant's effort to retrench as the COVID-19 coronavirus pandemic saps demand for air travel and with it the need for new jets.

Shares of Boeing lost nearly half their value in March as airlines scrambled to cut flights, ground planes, and freeze spending. It's likely some of those older planes will never fly again, but if the pandemic causes the U.S. economy to fall into a deep recession, it will likely be some time before they are replaced by newer jets made by Boeing and archrival Airbus.

Image source: Boeing.

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Source Fool.com