After a tumultuous year, the last thing Boeing needed was a union strike. Shares of the aircraft manufacturing giant touched new 52-week lows on Friday as a labor dispute involving its largest unionized workforce — the International Association of Machinists and Aerospace Workers (IAM) — was set to enter into a second week.

Boeing said furloughs began on Friday for thousands of employees in Washington State and Oregon, after more than 32,000 workers went on strike last week, halting production of the U.S. planemaker's best-selling 737 MAX and other jets.

Nonunion employees will experience one-week furloughs every four weeks as the troubled planemaker struggles to conserve cash.

Boeing is furloughing tens of thousands of white-collar employees in an effort to cut costs and avoid a credit-rating cut in the midst of a strike by its largest union.The jet maker will furlough affected employees for one week out of every four weeks for the duration of the walkout,

Boeing employees still working received a notice on the furloughs Wednesday, which noted that it will encompass tens of thousands of nonunion employees for the duration of strike.

Boeing said today it will temporarily furlough tens of thousands of employees after about 30,000 machinists went on strike on Friday, halting production of its 737 MAX and other airplanes.

Boeing said Wednesday it is temporarily laying off tens of thousands of managers, executives and non-union contractors as the strike by 33,000 union members continues.

Boeing may prevent its debt being downgraded to junk by issuing more stock, which would deal another blow to current shareholders.