11:18 AM EDT, 10/18/2024 (MT Newswires) -- (Updates with Spirit AeroSystems' ( SPR ) confirmation of its furlough plan throughout the story.)

Spirit AeroSystems Holdings ( SPR ) said Friday it plans to furlough roughly 700 employees working on the 767 and 777 jet programs, starting Oct 28, due to the current strike by Boeing ( BA ) staff.

The company said it has a "significant" inventory buffer on the 767 and 777 programs and has no space for additional storage.

The furloughs are part of other cost savings efforts, including a hiring freeze and travel and overtime restrictions, the aerospace company said.

Spirit also said that if the Boeing ( BA ) strike runs beyond November, it will adopt further cost savings measures including layoffs and additional furloughs due to "financial pressures."

Boeing ( BA ) did not respond to MT Newswires' request for comment.

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