Boeing (BA) Plans Major Restructuring of Defense Unit

November 7, 2012 1:04 PM EST
The day following President Obama's re-election, Boeing (NYSE: BA) is planing a major restructuring of its defense business.

Reuters reported mid-day that Boeing will cut 30 percent of management jobs from 2010 levels, close facilities in California and consolidate units, citing a company memo.

Boeing said the changes are part of its affordability drive that has already cut costs by $2.2 billion since 2010.

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