The cuts, which come after a labor union strike, equate to 10% of its workforce. “We are adjusting our workforce levels to align with our financial reality and a more focused set of priorities,” Boeing said in a statement to FOX Business.

Boeing Co. will start sending out pink slips on Wednesday to employees affected by a planned round of job cuts, a delicate balancing act between improving efficiency and keeping together a skilled workforce to help lift output again.

Boeing will begin sending layoff notices this week as part of its plan to cut around 17,000 jobs or nearly 10% of its global workforce. The layoffs come as part of the company's larger strategy to streamline operations.