Spirit AeroSystems (NYSE:SPR) layoffs are a hot topic on Friday after the Boeing (NYSE:BA) supplier announced plans to cut as many as 450 jobs.
According to Spirit AeroSystems, these layoffs will affect workers at its Wichita facility. The company says the headcount reduction is due to slowing demand for its commercial airplane parts.
At the center of this decrease in orders is Boeing. The company has reduced its deliveries amid a series of incidents that have called into question its aircraft safety. That saw Spirit AeroSystems’ deliveries to the company drop 31% in Q1 compared to the same time last year.
Spirit AeroSystems notes that the layoffs will affect between 400 and 450 of its hourly employees. The job cuts are expected to start in the coming weeks and workers will learn more about them then. It’s worth mentioning that the Wichita factory employs 12,600 people, reports CNBC.
Spirit AeroSystems Extends Layoffs Trend
Spirit AeroSystems is far from the only company that has announced layoffs this year. Many businesses are reducing headcounts in an effort to decreasing operating costs.
This comes as increased inflation and interest rates continue to weigh on the economy. This has both companies and consumers struggling.
SPR stock is down slightly as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
