Boeing’s satellite division has issued formal redundancy notices to “hundreds” of staff.

The problems largely come about because of restrictions on the US Export-Import Bank which can no longer fund satellite projects for non-US buyers.  Also not helping is a slow-down in US satellite orders for military usage.

Boeing has already lost a significant satellite order from ABS because Boeing couldn’t secure financing for the satellite operator.

Boeing spokesman Tim Neale confirmed the reductions and said the total number of people affected would be finalised in coming months. Some could find work in other parts of Boeing, he said.

“While this is not solely being caused by the expiration of Ex-Im Bank, this is a factor for the customers who have decided to maybe hit the pause button or look somewhere else,” the spokesman said of the planned job cuts, as reported by NASDAQ.

Other posts by :

1. AST SpaceMobile: “Good for indoor reception”
2. EchoStar booms on SpaceX holding
3. Norway wants a satellite constellation
4. Crossroads backs AST SpaceMobile
5. FCC examines SpaceX’s 15,000 sat-constellation plan
6. EchoStar: “Severe uncertainty” led to spectrum sales
7. Netflix gets downgrade on Warner Bros move
8. UK trims Orbex investment
9. Euro-bank sets up €500m space fund

Categories: Articles, Business