Boeing pauses hiring amidst factory worker strike and cost-cutting measures.

• Over 30,000 Boeing factory workers commenced a strike on Friday following the rejection of a new contract in a vote.
• Boeing's CFO said Friday that the company is focused on conserving cash.
• The strike will impact the company's aircraft production and deliveries.

On Monday, the company announced sweeping cost cuts, including a hiring freeze, a pause on nonessential staff travel, and a reduction on supplier spending to preserve cash as it deals with a strike of more than 30,000 factory workers.

Boeing factory workers in the Seattle area rejected a tentative labor deal on Friday, causing most of Boeing's aircraft production to halt.

Boeing will make "significant reductions" to supplier spending and stop most purchase orders for its 737 Max, 767 and 777 jetliners, CFO Brian West announced in a staff note, indicating the first clear indication of how the strike will impact the hundreds of suppliers that depend on Boeing work.

""Although we are striving in good faith to reach a new contract agreement that incorporates their feedback and allows operations to resume, our business is currently facing a challenging period. This strike poses a significant threat to our recovery and we must take immediate actions to conserve cash and protect our collective future," West stated in his note."

The length of the strike will determine the financial impact on Boeing, but the company is focused on conserving cash, West stated at a Morgan Stanley conference on Friday. Ortberg, Boeing's new CEO, wants to quickly return to the bargaining table to reach a new agreement.

West stated that the company is considering implementing temporary furloughs for numerous employees, managers, and executives in the near future.

A prolonged strike could lead to a downgrade of Boeing's credit ratings, which could increase the borrowing costs of a company already struggling with debt.

In the first half of the year, Boeing experienced a slowdown in production, resulting in a loss of approximately $8 billion, following a near-catastrophic door-panel blowout that occurred at the beginning of the year.