Temporary operations shutdown to last 14 days beginning March 25th
Boeing announced a temporary suspension of production operations at their Puget Sound area facilities; in light of the state of emergency in Washington state and the company's continuous assessment of the accelerating spread of the coronavirus in the region.
Boeing plans to begin reducing production activity today and projects the suspension of such operations to begin on Wednesday March 25th, at sites across the Puget Sound area. The suspension of production operations will last 14 days, during which Boeing will continue to monitor government guidance and actions on COVID-19 and its associated impacts on all company operations. During this time, Boeing will be conducting additional deep cleaning activities at impacted sites and establishing rigorous criteria for return to work.
This necessary step protects our employees and the communities where they work and live. We continue to work closely with public health officials, and we're in contact with our customers, suppliers and other stakeholders who are affected by this temporary suspension. We regret the difficulty this will cause them, as well as our employees, but it's vital to maintain health and safety for all those who support our products and services, and to assist in the national effort to combat the spread of COVID-19,Boeing President and CEO Dave Calhoun
Puget Sound area-based employees who can work from home will continue to do so. Those who cannot work remotely will receive paid leave for the initial 10 working days of the suspension, which will provide coverage for the 14 calendar day suspension period.
"We will keep our employees, customers and supply chain top of mind as we continue to assess the evolving situation" Calhoun said. "This is an unprecedented time for organisations and communities across the globe".
A Boeing employee from the company’s Everett facility, outside of Seattle, has died after contracting COVID-19, marking the first death out of the group of employees being treated for the disease.
Boeing Suspend Dividend and CEO Pay
Boeing will suspend their dividend, which yields 8.6 percent, indefinitely, the company disclosed late last Friday due to the fallout from the coronavirus.
Additionally, CEO, Dave Calhoun, and the Board Chairman, Larry Kellner, will forgo all pay until the end of the year and the company will "pause" share repurchasing.
The stock has lost over 70 percent of its value this year.
Feature Image: Boeing