Beal
Aerospace Laysoff 85
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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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