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Boeing’s satellite division has issued formal redundancy notices to “hundreds” of staff.
The problems largely come about because of restrictions on the US Export-Import Bank which can no longer fund satellite projects for non-US buyers. Also not helping is a slow-down in US satellite orders for military usage.
Boeing has already lost a significant satellite order from ABS because Boeing couldn’t secure financing for the satellite operator.
Boeing spokesman Tim Neale confirmed the reductions and said the total number of people affected would be finalised in coming months. Some could find work in other parts of Boeing, he said.
“While this is not solely being caused by the expiration of Ex-Im Bank, this is a factor for the customers who have decided to maybe hit the pause button or look somewhere else,” the spokesman said of the planned job cuts, as reported by NASDAQ.