Boeing freezes hiring to help conserve cash amid strike

Boeing (NYSE:BA), froze hiring as part of its effort to conserve cash after about 33,000 workers went on strike on Friday. The aviation giant also is weighing temporary furloughs for employees, managers and executives in the coming weeks.

The “strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future,” Boeing (BA) Chief Financial Officer Brian West said in a memo to employees.

The also is halting most employee travel, avoiding non-essential capital expenses and facilities spending and reducing spending on parts for planes made in Washington state, such as the 737, 767 and 777.

Negotiations between Boeing (BA) and striking factory workers are set to resume Tuesday under a federal mediator.

The strike has led investors and Wall Street analysts to forecast how the work stoppage will affect Boeing’s (BA) cash flow.