Boeing to cut 40 percent jobs at El Paso plant

Boeing Co said it will cut a little more than 40 percent of jobs, or 160 positions, at its El Paso plant as it looks to reduce the impact of planned U.S. defense budget cuts.

The company said it will reduce occupied square footage 50 percent at the plant by moving from three buildings to one. The plant in Texas manufactures electronics for a variety of Boeing products.

The reductions will be completed by the end of 2014, the company said.

Boeing announced a major restructuring of its defense division in November that would cut 30 percent of management jobs from 2010 levels, close facilities and consolidate several business units.

The company's shares closed at $77.09 on the New York Stock Exchange on Thursday.

(Reporting by Bijoy Koyitty in Bangalore; Editing by Sriraj Kalluvila)