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Boeing slashes 1,050 jobs from satellite unit
Posted: Fri, Feb 22, 2002, 8:53 AM ET (1353 GMT)
Boeing The Boeing Corporation announced Thursday that it was cutting 1,050 jobs from its satellite divisions, about 11 percent of its workforce. Boeing will cut 900 jobs from Boeing Satellite Systems and 150 jobs from Boeing Electronic Dynamic Devices, both located in southern California. The cuts are part of a restructuring triggered by reduced demand for communications satellites and growing competitiveness among major satellite manufacturers. Boeing cautioned that additional job cuts may be necessary by the end of the year, although company officials also said that hundreds of jobs may be created by new military satellite projects starting in 2003.
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