Boeing (BA) is putting in place a hiring freeze and implementing other cost-cutting steps after its largest labor union 澳洲幸运5官方开奖结果体彩网:approved a strike last week, accordingও to an internal memo sent tꦓo Boeing employees.

In a memo to Boeing staff shared with Investopedia, Chief Financial Officer Brian West said the plane manufacturer will halt most purchase orders for the 737, 767, and 777 aircraft. The company is also pushing back pay raises for salaried employees, and suspending all first- and business-class air t🌄ravel, including for its executives. 

Members of the International Association of Machinists and Aerospace Workers (IAM), which represents thousands of Boeing workers in Washington, Oregon, and California, voted overwhelmingly Thursday evening to reject the company’s 澳洲幸运5官方开奖结果体彩网:tentative labor contract. The workers officially set down their tools at midnight and st𒐪arted picketing at facilities that manufacture several Boeing planes lik🎃e the 737 Max.

'Strike Jeopardizes Our Recovery' Significantly: CFO

“We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,” West said to staff. “However, our business is in a difficult period. This strike jeopardizes our recover🌞y in a൩ significant way and we must take necessary actions to preserve cash and safeguard our shared future.”

West said the company isn't cutting costs from its safety, quality, and direct customer support work divisions but added that Boeing would consider temporary 澳洲幸运5官方开奖结果体彩网:furloughs. Boeing didn't immediately respond to a request for comment by Inve𝔍stopedia. 

News of the memo was first reported by the Wall Street Journal.

Shares of Boeing fell nearly 4% Friday after the strike vote and are down about 40% this year following a string of 澳洲幸运5官方开奖结果体彩网:safety incidents. On Monday, the stock closed down a﷽lmost 1% at $155.55.