The Boeing Company (//) is an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide. The company also provides leasing and product support services. Boeing is among the largest global aerospace manufacturers; it is the second-largest defense contractor in the world based on 2018 revenue, and is the largest exporter in the United States by dollar value. Boeing stock is included in the Dow Jones Industrial Average. Boeing is incorporated in Delaware.
|Founded||July 15, 1916 (as Pacific Aero Products Co.) |
Seattle, Washington, U.S.
|Founder||William E. Boeing|
|Headquarters||Boeing International Headquarters, |
(President and CEO)
|Revenue||US$ 58.16 billion (2020)|
|US$ −12.76 billion (2020)|
|US$ −11.94 billion (2020)|
|Total assets||US$ 152.136 billion (2020)|
|Total equity||US$ −18.07 billion (2020)|
Number of employees
|141,014 (January 1, 2021)|
|Footnotes / references|
Boeing was founded by William Boeing in Seattle, Washington, on July 15, 1916. The present corporation is the result of the merger of Boeing with McDonnell Douglas on August 1, 1997. Then chairman and CEO of Boeing, Philip M. Condit, assumed those roles in the combined company, while Harry Stonecipher, former CEO of McDonnell Douglas, became president and COO.
The Boeing Company has its corporate headquarters in Chicago, Illinois. Boeing is organized into four primary divisions: Boeing Commercial Airplanes (BCA); Boeing Defense, Space & Security (BDS); Boeing Global Services; and Boeing Capital. In 2019, Boeing recorded US$ 76.6 billion in sales. Boeing is ranked 40th on the Fortune magazine "Fortune 500" list (2019), and ranked 121th on the "Fortune Global 500" list (2020).
In 2019, Boeing's global reputation, commercial business, and financial rating suffered after the 737 MAX was grounded worldwide following two fatal crashes in late 2018 and early 2019.
The Boeing Company was started in 1916, when American lumber industrialist William E. Boeing founded Aero Products Company in Seattle, Washington. Shortly before doing so, he and Conrad Westervelt created the "B&W" seaplane. In 1917, the organization was renamed Boeing Airplane Company, with William Boeing forming Boeing Airplane & Transport Corporation in 1928. In 1929, the company was renamed United Aircraft and Transport Corporation, followed by the acquisition of several aircraft makers such as Avion, Chance Vought, Sikorsky Aviation, Stearman Aircraft, Pratt & Whitney, and Hamilton Metalplane.
In 1931, the group merged its four smaller airlines into United Airlines. In 1934, the manufacture of aircraft was required to be separate from air transportation. Therefore, Boeing Airplane Company became one of three major groups to arise from dissolution of United Aircraft and Transport; the other two entities were United Aircraft (later United Technologies) and United Airlines.
In 1960, the company bought Vertol Aircraft Corporation, which at the time, was the biggest independent fabricator of helicopters. During the 1960s and 1970s, the company diversified into industries such as outer space travel, marine craft, agriculture, energy production and transit systems.
In 1995, Boeing partnered with Russian, Ukrainian and Anglo-Norwegian organizations to create Sea Launch, a company providing commercial launch services sending satellites to geostationary orbit from floating platforms. In 2000, Boeing acquired the satellite segment of Hughes Electronics.
In December 1996, Boeing announced its intention to merge with McDonnell Douglas and, following regulatory approval, this was completed on August 4, 1997. This had been delayed by objections from the European Commission, which ultimately placed three conditions on the merger: termination of exclusivity agreements with three US airlines, separate accounts would be maintained for the McDonnell-Douglas civil aircraft business, and some defense patents were to be made available to competitors.
The corporate headquarters were moved from Seattle to Chicago in 2001. In 2018, Boeing opened its first factory in Europe at Sheffield, UK, reinforced by a research partnership with The University of Sheffield.
In May 2020, the company cut over 12,000 jobs due to the drop in air travel during the COVID-19 pandemic with plans for a total 10% cut of its workforce or approximately 16,000 positions. In July 2020, Boeing reported a loss of $2.4 billion as a result of the pandemic and the grounding of its 737 MAX aircraft. As a result of the profit loss, the company announced that it is planning to do more job and production cuts. On August 18, 2020, CEO Dave Calhoun announced to Boeing employees that the company plans another round of job cuts in addition to the 16,000 positions previously announced to be eliminated.
On October 28, 2020, Boeing CEO David Calhoun, in an email message to employees, announced the lay off of nearly 30,000 employees, as the airplane manufacturer was increasingly losing money due to the COVID-19 pandemic.
737 MAX crashes and grounding
After two fatal crashes of the Boeing 737 MAX narrow-body passenger airplanes in 2018 and 2019, aviation regulators and airlines around the world grounded all 737 MAX airliners. A total of 387 aircraft were grounded. Boeing's reputation, business, and financial rating has suffered after these groundings, questioning Boeing's strategy, governance, and focus on profits and cost efficiency.
- Boeing Commercial Airplanes (BCA)
- Boeing Defense, Space & Security (BDS)
- Phantom Works
- Boeing Global Services
- Boeing Capital
- Engineering, Test & Technology
- Boeing Shared Services Group
- Boeing NeXt – explores urban air mobility
In 2006, the UCLA Center for Environmental Risk Reduction released a study showing that Boeing's Santa Susana Field Laboratory, a site that was a former Rocketdyne test and development site in the Simi Hills of eastern Ventura County in Southern California, had been contaminated by Rocketdyne with toxic and radioactive waste. Boeing agreed to a cleanup agreement with the EPA in 2017. Clean up studies and lawsuits are in progress.
The airline industry is responsible for about 11% of greenhouse gases emitted by the U.S. transportation sector. Aviation's share of the greenhouse gas emissions was poised to grow, as air travel increases and ground vehicles use more alternative fuels like ethanol and biodiesel. Boeing estimates that biofuels could reduce flight-related greenhouse-gas emissions by 60 to 80%. The solution blends algae fuels with existing jet fuel.
Boeing executives said the company was collaborating with Brazilian biofuels maker Tecbio, Aquaflow Bionomic of New Zealand, and other fuel developers around the world. As of 2007, Boeing had tested six fuels from these companies, and expected to test 20 fuels "by the time we're done evaluating them". Boeing also joined other aviation-related members in the Algal Biomass Organization (ABO) in June 2008.
Air New Zealand and Boeing are researching the jatropha plant to see if it is a sustainable alternative to conventional fuel. A two-hour test flight using a 50–50 mixture of the new biofuel with Jet A-1 in a Rolls Royce RB-211 engine of a 747-400 was completed on December 30, 2008. The engine was then removed to be studied to identify any differences between the Jatropha blend and regular Jet A1. No effects on performances were found.
On August 31, 2010, Boeing worked with the U.S. Air Force to test the Boeing C-17 running on 50% JP-8, 25% Hydro-treated Renewable Jet fuel and 25% of a Fischer–Tropsch fuel with successful results.
For NASA's N+3 future airliner program, Boeing has determined that hybrid electric engine technology is by far the best choice for its subsonic design. Hybrid electric propulsion has the potential to shorten takeoff distance and reduce noise. Boeing created a team to study electric propulsion in future generation of subsonic commercial aircraft. SUGAR for Subsonic Ultra Green Aircraft Research includes, BR&T, Boeing Commercial Airplanes, General Electric, and Georgia Tech. There are five main concepts of the team is reviewing. SUGAR Free and Refined SUGAR, are two concepts based on conventional aircraft similar to the 737. SUGAR High and SUGAR Volt, are both high span, strut-based wing concepts. The final concept is SUGAR Ray, which is a wing body hybrid. The SUGAR Volt concept has resulted in a drop in fuel burn of more than 70 percent and a reduction of total energy use by 55 percent. This reduction is the result of adding an electric battery gas turbine hybrid propulsion system.
Political contributions, federal contracts, advocacy
In 2008 and 2009, Boeing was second on the list of Top 100 US Federal Contractors, with contracts totaling US$22 billion and US$23 billion respectively. Between 1995 and early 2021, the company has agreed to pay US$4.3 billion to settle 84 instances of misconduct, including US$615 million in 2006 in relation to illegal hiring of government officials and improper use of proprietary information.
Boeing's spent US$16.9 million on lobbying expenditures in 2009. In the 2008 presidential election, Barack Obama "was by far the biggest recipient of campaign contributions from Boeing employees and executives, hauling in US$197,000 – five times as much as John McCain, and more than the top eight Republicans combined".
Boeing has a corporate citizenship program centered on charitable contributions in five areas: education, health, human services, environment, the arts, culture, and civic engagement. In 2011, Boeing spent US$147.3 million in these areas through charitable grants and business sponsorships. In February 2012, Boeing Global Corporate Citizenship partnered with the Insight Labs to develop a new model for foundations to more effectively lead the sectors they serve.
The company is a member of the U.S. Global Leadership Coalition, a Washington D.C.-based coalition of more than 400 major companies and NGOs that advocate a larger International Affairs Budget, which funds American diplomatic and development efforts abroad. A series of U.S. diplomatic cables show how U.S. diplomats and senior politicians intervene on behalf of Boeing to help boost the company's sales.
In 2007 and 2008, the company benefited from over US$10 billion of long-term loan guarantees, helping finance the purchase of their commercial aircraft in countries including Brazil, Canada, Ireland, and the United Arab Emirates, from the Export-Import Bank of the United States, some 65% of the total loan guarantees the bank made in the period.
In December 2011, the non-partisan organization Public Campaign criticized Boeing for spending US$52.29 million on lobbying and not paying taxes during 2008–2010, instead getting US$178 million in tax rebates, despite making a profit of US$9.7 billion, laying off 14,862 workers since 2008, and increasing executive pay by 31% to US$41.9 million in 2010 for its top five executives.
The firm has also been criticized for supplying and profiting from wars, including the war in Yemen where its missiles were found to be used for indiscriminate attacks, killing many civilians.
Boeing has been accused of unethical practices (in violation of the Procurement Integrity Act) while attempting to submit a revised bid to NASA for their lunar landing project.
For the fiscal year 2017, Boeing reported earnings of US$8.191 billion, with an annual revenue of US$93.392 billion, a 1.25% decline over the previous fiscal cycle. Boeing's shares traded at over $209 per share, and its market capitalization was valued at over US$206.6 billion.
Between 2010 and 2018, Boeing increased its operating cash flow from $3 to $15.3 billion, sustaining its share price, by negotiating advance payments from customers and delaying payments to its suppliers. This strategy is sustainable only as long as orders are good and delivery rates are increasing.
The company's employment totals are listed below.
Approximately 1.5% of Boeing employees are in the Technical Fellowship program, a program through which Boeing's top engineers and scientists set technical direction for the company. The average salary at Boeing is $76,784, reported by former employees.
Board of directors
Chief executive officer
Chairman of the board
- Jarrell, Howard R. (1993). Directory of Corporate Name Changes. Scarecrow Press. pp. 43. ISBN 0-8108-2761-1 – via Internet Archive.
- Stanley I. Weiss and Amir R. Amir. "Boeing Company – Description, History, & Aircraft". Encyclopedia Britannica. Archived from the original on July 18, 2019.
- "The Boeing Company 2012 Form 10-K Annual Report, p. 6". Archived from the original on January 24, 2016. Retrieved October 1, 2013.
- "2020 result". Boeing.
- "Employment Data". Boeing
- "Boeing FY2018". Archived from the original on February 12, 2019. Retrieved February 11, 2019.
- "Top 100 for 2019" Archived July 31, 2015, at archive.today (based on 2018 data). Defense News. Retrieved 30 January 2020.
- "Boeing says it's flying high despite recession" Archived January 11, 2012, at the Wayback Machine. USA Today, March 27, 2009.
- "10-K". 10-K. Retrieved June 1, 2019.
- "Boeing history chronology" (PDF). Boeing. Archived (PDF) from the original on May 8, 2018.
- "Contact Us Archived May 19, 2009, at the Wayback Machine". Boeing. Retrieved on May 12, 2009.
- "Boeing". Fortune. Retrieved September 26, 2020.
- "Boeing". Fortune. Retrieved September 26, 2020.
- "Boeing Company | Description, History, & Aircraft". Encyclopedia Britannica. Retrieved January 24, 2020.
- "History of Boeing: Pioneering aviation for 100 years". www.aerotime.aero. Retrieved January 24, 2020.
- "United Airlines | American corporation". Encyclopedia Britannica. Retrieved January 24, 2020.
- "Crash Landing". The Commentator. December 22, 2019. Retrieved January 24, 2020.
- "What Happened to Sea Launch". Space Daily. Retrieved January 24, 2020.
- Pollack, Andrew (January 13, 2000). "$3.75 Billion Boeing-Hughes Satellite Deal Expected". The New York Times. ISSN 0362-4331. Retrieved January 24, 2020.
- Skapinker, Michael (August 5, 1997). "Boeing completes McDonnell Douglas takeover". Financial Times. London.
- Skapinker, Michael (September 23, 1997). "World's skies are dominated by US". Financial Times. London.
- Historylink.org, David Wilma. "On this day: Boeing moves corporate headquarters to Chicago in 2001". KIRO. Retrieved January 24, 2020.
- Schaper, David (May 27, 2020). "Boeing Cuts More Than 12,000 Jobs Due To Drop In Air Travel". NPR. Retrieved July 29, 2020.
- Cameron, Doug; Tangel, Andrew (July 29, 2020). "Boeing Plans Deeper Job and Production Cuts". The Wall Street Journal. Retrieved July 29, 2020.
- Business, Chris Isidore, CNN. "Boeing plans more job cuts on top of 16,000 announced this spring". CNN. Retrieved August 18, 2020.
- "Citing 'Devastating' Pandemic Impact, Boeing To Lay Off 7,000 More Workers". NPR. Retrieved October 28, 2020.
- Josephs, Leslie (January 25, 2020). "Boeing's 777X, the world's largest twin-engine jet, completes maiden flight". CNBC.
- "Boeing CEO Updates Employees on Fourth-Quarter Results" (Press release). Boeing. January 27, 2021.
- "Boeing Scrambles to Contain Fallout From Deadly Ethiopia Crash". The New York Times. March 12, 2019. Archived from the original on June 6, 2019. Retrieved July 2, 2019.
- "Where the grounded 737 MAX are stored". Flightradar24 Blog. March 16, 2019. Archived from the original on June 6, 2019. Retrieved March 17, 2019.
- Andrew Tangel and Andy Pasztor (October 2, 2019). "Boeing Prioritized Costs Over Safety, Engineer Alleges". WSJ. Archived from the original on October 15, 2019. Retrieved October 23, 2019.
- Claudia Assis (October 22, 2019). "Boeing's credit-rating outlook downgraded by S&P Global". MarketWatch. Archived from the original on October 23, 2019. Retrieved October 23, 2019.
- Leslie Josephs and Thomas Franck (October 22, 2019). "Boeing survey showed employees felt pressure from managers on safety approvals". CNBC. Archived from the original on October 23, 2019. Retrieved October 23, 2019.
- "Boeing in Brief". Boeing. Archived from the original on February 18, 2016. Retrieved August 28, 2019.
- "Agreement Reached on Santa Susana Field Laboratory Examination Ahead of Cleanup". NBC Los Angeles. Retrieved January 24, 2020.
- "Santa Susana Field Laboratory (SSFL) Main Page". Department of Toxic Substances Control. Retrieved January 24, 2020.
- Ángel González (August 30, 2007). "To go green in jet fuel, Boeing looks at algae". The Seattle Times. Archived from the original on April 5, 2009. Retrieved January 27, 2009.
- First Airlines and UOP Join Algal Biomass Organization Archived June 23, 2008, at the Wayback Machine, Green Car Congress, June 19, 2008.
- "Air New Zealand to use jatropha jet fuel | Biomassmagazine.com". www.biomassmagazine.com. Retrieved January 24, 2020.
- Jha, Alok; correspondent, green technology (December 30, 2008). "Air New Zealand jet completes world's first second-generation biofuel flight". The Guardian. ISSN 0261-3077. Retrieved January 24, 2020.
- "C-17 conducts flight test with biofuel". U.S. Air Force. Retrieved January 24, 2020.
- "Boeing Feature Story: Envisioning tomorrow's aircraft". Boeing. August 16, 2010. Archived from the original on September 6, 2013. Retrieved May 21, 2011.
- "Top 100 Contractors Report – Fiscal Year 2009". fpds.gov. Archived from the original on July 21, 2011. Retrieved January 4, 2011.
- "Top 100 Contractors Report – Fiscal Year 2008". fpds.gov. Archived from the original on July 21, 2011. Retrieved January 4, 2011.
- "Federal Contractor Misconduct Database". Project on Government Oversight. Retrieved April 30, 2021.
- "Contractor Case – Boeing Company". Project on Government Oversight. Archived from the original on August 17, 2010. Retrieved January 5, 2011.
- "Federal Contractor Misconduct Database". Project on Government Oversight. Archived from the original on May 8, 2011. Retrieved January 5, 2011.
- Berman, Jillian (November 15, 2013). "Biggest Tax Break In U.S. History May Not Be Enough For Boeing". Huffington Post. Archived from the original on November 5, 2016. Retrieved November 4, 2016.
- "Boeing Co Lobbying Expenditure". Center for Responsive Politics. Retrieved January 5, 2011.
- "Lobbying Disclosure Act Database". United States Senate. Archived from the original on December 31, 2010. Retrieved January 5, 2011.
- Carney, Timothy (April 24, 2011) Boeing lives by big government, dies by big government Archived September 7, 2015, at the Wayback Machine, Washington Examiner
- "Boeing Corporate Citizenship Report 2011". Boeing. Archived from the original on March 6, 2012. Retrieved September 19, 2012.
- "Boeing Corporate Citizenship Report 2011". Archived from the original on September 22, 2012. Retrieved September 19, 2012.
- "Blessed are the Grantmakers". Insight Labs. February 3, 2012. Archived from the original on April 12, 2013. Retrieved September 19, 2012.
- "U.S. Global Leadership Coalition, Global Trust members". Usglc.org. Archived from the original on July 27, 2017. Retrieved May 21, 2011.
- Lipton, Eric; Clark, Nicola; Lehren, Andrew W. (January 2, 2011). "Diplomats Help Push Sales of Jetliners on the Global Market". The New York Times. Archived from the original on September 3, 2011. Retrieved January 5, 2011.
- "Pew Analysis Shows More than 60% of Export-Import Bank Loan Guarantees Benefitted Single Company". The Pew Charitable Trusts. Archived from the original on May 5, 2011. Retrieved January 5, 2011.
- Portero, Ashley (December 9, 2011). "30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008–2010". International Business Times. Archived from the original on January 7, 2012. Retrieved December 26, 2011.
- Kane, Alex. "Here's Exactly Who's Profiting from the War on Yemen". inthesetimes.com. Retrieved June 20, 2020.
- LaForgia, Michael; Bogdanich, Walt (May 16, 2020). "Why Bombs Made in America Have Been Killing Civilians in Yemen". The New York Times. ISSN 0362-4331. Retrieved June 21, 2020.
- Davenport, Christian (November 17, 2020). "A NASA official asked Boeing if it would protest a major contract it lost. Instead, Boeing resubmitted its bid". The Washington Post. Retrieved November 19, 2020.
- "Boeing Revenue 2006–2018 | BA". macrotrends.net. Archived from the original on October 27, 2018. Retrieved October 27, 2018.
- "The Boeing Company 2009 Annual Report" (PDF). Archived (PDF) from the original on October 13, 2019. Retrieved March 19, 2019.
- "The Boeing Company 2010 Annual Report" (PDF). Archived (PDF) from the original on October 13, 2019. Retrieved March 19, 2019.
- "The Boeing Company 2011 Annual Report" (PDF). Archived (PDF) from the original on October 13, 2019. Retrieved March 19, 2019.
- "The Boeing Company 2012 Annual Report" (PDF). Archived (PDF) from the original on October 13, 2019. Retrieved March 19, 2019.
- "The Boeing Company 2013 Annual Report" (PDF). Archived (PDF) from the original on November 3, 2019. Retrieved March 19, 2019.
- "The Boeing Company 2014 Annual Report" (PDF). Archived (PDF) from the original on October 13, 2019. Retrieved March 19, 2019.
- "The Boeing Company 2015 Annual Report" (PDF). Archived (PDF) from the original on October 13, 2019. Retrieved March 19, 2019.
- "The Boeing Company 2016 Annual Report" (PDF). Archived (PDF) from the original on November 8, 2018. Retrieved March 19, 2019.
- "The Boeing Company 2017 Annual Report" (PDF). Archived (PDF) from the original on August 15, 2018. Retrieved March 19, 2019.
- "The Boeing Company 2018 Annual Report" (PDF). Archived (PDF) from the original on April 15, 2019.
- "Boeing Reports Fourth-Quarter Results". January 29, 2020. Retrieved January 30, 2020.
- "Boeing Reports Fourth-Quarter Results". MediaRoom. Retrieved January 27, 2021.
- Cameron, Doug (January 27, 2021). "Boeing Reports Record Annual Loss". Wall Street Journal. ISSN 0099-9660. Retrieved January 27, 2021.
- Dominic Gates (February 8, 2019). "For Boeing, juggling cash flow often means "another 'Houdini moment'"". The Seattle Times. Archived from the original on February 15, 2019. Retrieved February 15, 2019.
- Tkacik, Maureen (September 18, 2019). "Crash Course". The New Republic. ISSN 0028-6583. Archived from the original on September 19, 2019. Retrieved September 19, 2019.
- Employment Data
- "Go To Gang Boeing Frontiers Magazine" (PDF). Archived (PDF) from the original on June 29, 2011. Retrieved May 21, 2011.
- "Top 10 Best Companies for U.S. Veterans: Boeing". Archived from the original on May 30, 2011. Retrieved June 14, 2011.
- Boeing Board of Directors
- "Boeing: Corporate Governance". Archived from the original on October 14, 2016. Retrieved October 19, 2016.
- "Boeing Board Elects Caroline Kennedy as New Director". Boeing Press Release. Archived from the original on August 11, 2017. Retrieved August 11, 2017.
- Clairmont L. Egtvedt biography Archived August 20, 2016, at the Wayback Machine, Boeing.
- Frank Shrontz biography Archived November 3, 2007, at the Wayback Machine, Boeing.
- "Boeing Promotes Dennis Muilenburg To Top Job". Forbes. July 23, 2015. Archived from the original on July 29, 2017. Retrieved August 24, 2017.
- Edgar N. Gott biography Archived May 11, 2008, at the Wayback Machine, Boeing.
- "Executive Biography of Dennis A. Muilenburg". Boeing. Archived from the original on May 13, 2019. Retrieved June 24, 2015.
- Boeing Board of Directors Separates CEO and Chairman Roles Archived October 11, 2019, at the Wayback Machine. Boeing
- Cloud, Dana L. We Are the Union: Democratic Unionism and Dissent at Boeing. Urbana, IL: University of Illinois Press, 2011.
- Greider, William. One World, Ready or Not: The Manic Logic of Global Capitalism. London: Penguin Press, 1997.
- Reed, Polly. Capitalist Family Values: Gender, Work, and Corporate Culture at Boeing. Lincoln, NE: University of Nebraska Press, 2015.
|Wikimedia Commons has media related to Boeing.|