Boeing cuts back in Socal as part of restructuring

Several business units will be consolidated and some facilities in Seal Beach will be closed as part of the cost-cutting effort within the company's defense operation. Boeing wants to trim $1.6 billion by the end of 2015. As part of the restructuring, executive jobs will be cut by an additional 10 percent by the end of 2012. No word on specific figures. From Reuters:

Boeing said the changes were not a direct response to the threat of additional, across-the-board budget cuts due to take effect on January 2, or the outcome of U.S. elections, but marked another step in its long-term effort to be more competitive. In addition to this "tough, but necessary work," Muilenburg said Boeing also planned to increase the ratio of non-managers to managers to a more affordable 12.5 to 1 from 9.7 to 1 now.

From the Chicago Sun-Times:

Boeing, which has defense operations in California, said it's reducing by more than 10 percent its facilities space, including already having vacated a building in Huntington Beach, Calif. "In southern California, in Seal Beach, we have several buildings there; we'll vacate two and try to sell them," said spokesman Todd Blecher. "It's things like that," as opposed to any planned plant closings, he noted.