Boeing cuts 160 jobs at El Paso plant

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"This difficult decision was based on a thorough study of the current and future business environment and the need to remain competitive," Derek McLuckey, director of Boeing Network Operations, said in a statement Thursday.

Boeing is the latest company to cut positions as the defense industry prepares for a slowdown in defense spending as the wars in Iraq and Afghanistan come to a close. The Pentagon has already begun implementing a reduction of $487 billion in spending over the next decade, and further cuts could be coming if sequestration goes into effect.