Boeing Co
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Industrials : Aerospace & Defense | Large Cap Value
Company profile

The Boeing Company is an aerospace firm. The Company operates in four segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS); Global Services (BGS), and Boeing Capital (BCC). BCA segment develops, produces and markets commercial jet aircraft and provides fleet support services, principally to the commercial airline industry worldwide. BDS segment is engaged in the research, development, production and modification of manned and unmanned military aircraft and weapons systems for strike, surveillance and mobility. BGS segment provides services to commercial and defense customers worldwide. BCC's segment portfolio consists of equipment under operating leases, finance leases, notes and other receivables and assets held for sale.

Closing Price
$205.43
Day's Change
21.13 (11.47%)
Bid
--
Ask
--
B/A Size
--
Day's High
218.79
Day's Low
197.36
Volume
(Heavy Day)
Volume:
99,846,047

10-day average volume:
42,383,242
99,846,047

Boeing to Temporarily Suspend Puget Sound Production Operations in Response to Escalating COVID-19 Pandemic

12:45 pm ET March 23, 2020 (PR Newswire) Print

Boeing [NYSE: BA] announced a temporary suspension of production operations at its Puget Sound area facilities in light of the state of emergency in Washington state and the company's continuous assessment of the accelerating spread of the coronavirus in the region. These actions are being taken to ensure the well-being of employees, their families and the local community, and will include an orderly shutdown consistent with the requirements of its customers.

Boeing plans to begin reducing production activity today and projects the suspension of such operations to begin on Wednesday, March 25, at sites across the Puget Sound area. The suspension of production operations will last 14 days, during which Boeing will continue to monitor government guidance and actions on COVID-19 and its associated impacts on all company operations. During this time, we will be conducting additional deep cleaning activities at impacted sites and establishing rigorous criteria for return to work.

"This necessary step protects our employees and the communities where they work and live," said Boeing President and CEO Dave Calhoun. "We continue to work closely with public health officials, and we're in contact with our customers, suppliers and other stakeholders who are affected by this temporary suspension. We regret the difficulty this will cause them, as well as our employees, but it's vital to maintain health and safety for all those who support our products and services, and to assist in the national effort to combat the spread of COVID-19," Calhoun added.

Production employees should continue to report for their assigned shifts today and will receive guidance on their role in the suspension shutdown process.

Puget Sound area-based employees who can work from home will continue to do so. Those who cannot work remotely will receive paid leave for the initial 10 working days of the suspension - double the company policy - which will provide coverage for the 14 calendar day suspension period.

"We will keep our employees, customers and supply chain top of mind as we continue to assess the evolving situation," Calhoun said. "This is an unprecedented time for organizations and communities across the globe."

When the suspension is lifted, Boeing will take an orderly approach to restarting production with a focus on safety, quality and meeting customer commitments. This will be a key step to enabling the aerospace sector to bridge to recovery.

Boeing is working to minimize this suspension's impact on the company's ability to deliver and support its defense and space programs, and ensure the readiness of our defense customers to perform their vital missions. Boeing will work closely with those customers in the coming days to develop plans that ensure customers are supported throughout this period. Critical distribution operations in support of airline, government, and maintenance, repair and overhaul (MRO) customers will continue.

ContactBoeing Communications media@boeing.com

https://c212.net/c/img/favicon.png?sn=CG59374&sd=2020-03-23

View original content:http://www.prnewswire.com/news-releases/boeing-to-temporarily-suspend-puget-sound-production-operations-in-response-to-escalating-covid-19-pandemic-301028342.html

SOURCE Boeing

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