Boeing has named a new leader for its 747-8 program as the company scrambles to meet its latest targets for first flight and certification of the 747-400 successor. Mohammad “Mo” Yahyavi moves into the position from his post as vice president of Boeing Commercial Airplanes’ 737 P-8A Poseidon team, replacing Ross Bogue, who has accepted the position of vice president and general manager of Boeing Fabrication.
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Boeing had to announce a downward adjustment of its fourth-quarter and full-year earnings results yesterday to reflect a reduction in the value of aircraft in its customer financing portfolio and a rise in liabilities tied to an arbitration award. The change resulted in a four-cent-per-share lower result than it reported on January 28 in its Form 10-K filing with the U.S. Securities and Exchange Commission.
Boeing estimates that the two-month strike staged by its machinists late last year cost it some $2.5 billion in cash–the single biggest factor in the fourth-quarter net loss of $56 million the company reported this month. As a result of the strike, Boeing Commercial Airplanes delivered 105 fewer airplanes than expected, resulting in a $6.4 billion drop in revenues.
Boeing’s announcement on January 9 that it planned to lay off some 4,500 employees within its Commercial Airplanes business starting in April might not have come as a surprise given the economic depths to which the airline business expects to sink this year.
It seemed unlikely that tightening credit wouldn’t trigger more order cancellations or delivery deferrals among the world’s airlines, so even though the top manufacturers seem to have escaped the early stages of the crisis relatively unscathed, many predict a pronounced drop in financial support by the second half of this year.
Boeing last month said it plans to slash employment at its Commercial Airplanes business by some 4,500 positions this year “as part of an effort to ensure competitiveness and control costs in the face of a weakening global economy.” The cuts lower Boeing Commercial Airplanes’ employment total to approximately 63,500, roughly the level at which it began at the start of last year.
GE Aviation is transferring responsibility for GE CF34-3 engine parts to Boeing subsidiary Aviall Services. Under the exclusive distributor agreement signed by GE Aviation and Aviall Services, Aviall will be responsible for forecasting, ordering and delivering all genuine OEM replacement parts that are unique to CF34-3 engines.
Boeing said today that it expects to slash employment at its Commercial Airplanes business by some 4,500 positions this year “as part of an effort to ensure competitiveness and control costs in the face of a weakening global economy.” The cuts lower Boeing Commercial Airplanes’ employment total to roughly 63,500, approximately the level at which it began at the start of last year.
In 36 years of cooperation between China and the U.S., few brands have come to epitomize the relationship quite like Boeing. In 1972, then-U.S. President Richard Nixon made his ice-breaking visit to China on a Boeing 707. That year China purchased 10 Boeing 707s, ending the monopoly of Soviet-made civil aircraft in China’s skies.
Boeing engineers and technical workers represented by the Society of Professional Engineering Employees in Aerospace (SPEEA) yesterday voted to approve a pair of new four-year contracts.