Boeing to cut 777 production rate by 40 percent in August 2017

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A Boeing 777 sits on the assembly line at the company's operations in Everett, Washington, October 18, 2012. REUTERS/Andy Clark (Copyright Reuters 2016)

Boeing Co said on Monday that it will cut production of its twin-aisle 777 jetliner to 5 a month in August 2017, a 40 percent reduction from the current rate of 8.3 a month.

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The cut will affect employment and have a "modest impact" on Boeing's 2016 financial results, the company said.

(Reporting by Alwyn Scott; Editing by Meredith Mazzilli)