Boeing Co. said on Tuesday it would restructure its Defense, Space & Security unit and cut about 50 jobs this year, as the company looks to make the business more agile.
The business, which accounted for nearly a third of the company’s total revenue in 2016, will be divided into seven units, instead of its current five, effective July 1, with all reporting to BDS Chief Executive Leanne Caret.
BDS was headquartered in the St. Louis area until earlier this year, and it still has about 14,000 employees in the region.
Boeing’s military aircraft business, part of the Arlington, Virginia-based BDS unit, will be rearranged into three smaller segments: autonomous systems, strike surveillance and mobility and vertical lift.
Boeing says it is aggressively building its services businesses to capture new revenue and lift profit margins from high single digits to mid-teens by 2020.
Read more: St. Louis Post-Dispatch