Business digest

February 20, 2010 at 12:00a.m.

NATION

Boeing sends layoff notices to 1,000 workers

CHICAGO — Boeing Co. said on Friday that it sent layoff notices to more than 1,000 people, most of them technology workers in Washington state and California.

The notices mean the workers are at risk of being laid off April 23. Spokesman Tim Healy said it’s possible the final number of layoffs could shrink.

The layoffs announced Friday are part of the 10,000 job cuts Boeing originally targeted for 2009. Late last year it said it would meet and then exceed that goal of 10,000 job cuts during 2010.

GE will pay bonuses if business goals are met

NEW YORK — General Electric said Friday it will pay bonuses to about 1,000 executives, including CEO Jeffrey Immelt, if the conglomerate hits business goals through 2012.

The grants will be based on the company’s earnings per share, cash flow, ending investment of GE Capital and 2012 return on total capital.

Depending on how well the company does, executives could get 75 percent to double their February 2013 base salary and separate bonuses for 2012 performance. Immelt refused a bonus in 2008 and millions of dollars in performance awards.

REGION

First Niles Financial posts loss for fourth quarter

NILES — First Niles Financial lost $261,000 in the fourth quarter, compared with earnings of $233,000 in the same quarter of 2008.

For the full year, First Niles lost $232,000 in 2009, compared with earnings of $693,000 in 2008.

First Niles is the holding company for Home Federal Savings and Loan Association of Niles.

Staff/wire reports