(Updates with Spirit AeroSystems' confirmation of its furlough plan throughout the story.)

Spirit AeroSystems Holdings (SPR) said Friday it plans to furlough roughly 700 employees working on the 767 and 777 jet programs, starting Oct 28, due to the current strike by Boeing (BA) staff.

The company said it has a "significant" inventory buffer on the 767 and 777 programs and has no space for additional storage.

The furloughs are part of other cost savings efforts, including a hiring freeze and travel and overtime restrictions, the aerospace company said.

Spirit also said that if the Boeing strike runs beyond November, it will adopt further cost savings measures including layoffs and additional furloughs due to "financial pressures."

Boeing did not respond to MT Newswires' request for comment.

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