Boeing is expected to report record sales numbers this year, has a seven-year backlog of 5,800 commercial aircraft orders and is expected to receive $5.6 trillion in revenue from its commercial aircraft over the next two decades. Yet, the world’s largest maker of commercial aircraft has decided to blame the closure of the U.S. Export Import (Ex-Im) Bank for its decision to lay off “several hundred” employees at its satellite division in El Segundo, Calif.
According to the Los Angeles Times, Boeing said the cuts were needed after the Bermuda-based global satellite operator ABS couldn’t get financing from Ex-Im. This decision stands in stark contrast to multiple public commitments from senior Boeing officials that it would be able to “cover” or self-finance its own transactions once the bank expired — but it would just rather not have to do that.
