09:28 AM EDT, 10/18/2024 (MT Newswires) -- Spirit AeroSystems Holdings ( SPR ) plans to furlough 700 employees for 21 days, citing the ongoing strike at Boeing ( BA ) , which has disrupted cash flow and inventory management, Reuters reported Friday, citing a company spokesperson.

The furloughs, set to reportedly affect workers on the 767 and 777 jet programs, come as production has been halted since the strike began on Sept. 13, the report said.

"These furloughs are necessary as we've run out of storage space for 767 and 777," Reuters quoted Spirit spokesperson Joe Buccino as saying.

The move follows other cost-cutting measures by Spirit, including a hiring freeze and travel restrictions, the report said. The company warned that further layoffs and furloughs may be necessary if the strike extends beyond next month, the report added.

Spirit and Boeing ( BA ) did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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