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Beal Aerospace Laysoff 85

More Information:

With the rocket develoment program over budget and behind schedule Beal Aerospace Technologies Inc. laid off  85 employees from across the company. Sixty-five employees will remain. Each laidoff employee will receive at least 60 days of severance pay. Instead of developing the various components in parallel, the company will now work on them in series. Beal will adjust its development to focus on building with the rocket engines and tanks and moving on to other components later.

Beal Aerospace was founded in 1997 by banker, Andrew Beal. The company first considered and then rejected a smaller booster, the BA-1, before swithcihg the development focus to a large expendable rocket, the BA-2. The company had planned to launch the first BA-2 from Cape Canaveral in 2002, a date which now may be delayed. Until now, Beal Aerospace has been funded from profits of Beal Bank. 

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October 2, 2000

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