ST. LOUIS, Mo. (KMOX) — Boeing Co. plans to cut 10 percent of its manager positions at its Hazelwood-based plant in a major restructuring project aimed to cut $1.6 billion in costs.

According to the St. Louis Business Journal the cuts to the Boeing Defense, Space and Security (BDS) unit will be made by the end of the year.

Boeing also released an announcement Wednesday that it is shuffling some BDS executive positions and expects to have 30 percent fewer executives in the unit, compared with 2010. Spokesman Todd Blecher says much of that has already happened.

Boeing says the announcement was not related to Tuesday’s presidential election results or the pending fiscal cliff.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)


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