Boeing

Last updated

The Boeing Company
Formerly
Pacific Aero Products Co. (1916–1917)
Public
Traded as
Industry
FoundedJuly 15, 1916;103 years ago (1916-07-15) (as Pacific Aero Products Co.)
Seattle, Washington, U.S.
Founder William Boeing
Headquarters Boeing International Headquarters, ,
U.S.
Area served
Worldwide [1] (p1)
Key people
Dennis Muilenburg
(Chairman, President & CEO)
Products
Production output
  • 806 commercial aircraft (2018)
  • 96 military aircraft (2018)
  • 2 satellites (2018)
Services
  • Leasing
  • Support solutions
[1] (pp35–36)
RevenueIncrease2.svg US$101.127 billion (2018)
Increase2.svgUS$11.987 billion (2018)
Increase2.svgUS$10.460 billion (2018)
Total assets Increase2.svgUS$117.359 billion (2018)
Total equity Decrease2.svgUS$410 million (2018)
Number of employees
153,027 (January 1, 2018) [2]
Divisions
[1]
Subsidiaries
Website www.boeing.com
Footnotes /references
[3]

The Boeing Company ( /ˈbɪŋ/ ) 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 fifth-largest defense contractor in the world based on 2017 revenue, [4] and is the largest exporter in the United States by dollar value. [5] Boeing stock is included in the Dow Jones Industrial Average.

Multinational corporation large corporation doing business in many countries

A multinational corporation (MNC) or worldwide enterprise is a corporate organization that owns or controls production of goods or services in at least one country other than its home country. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation if it derives 25% or more of its revenue from out-of-home-country operations. A multinational corporation can also be referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation, or a stateless corporation. There are subtle but real differences between these three labels, as well as multinational corporation and worldwide enterprise.

Airplane A powered, flying vehicle

An airplane or aeroplane is a powered, fixed-wing aircraft that is propelled forward by thrust from a jet engine, propeller or rocket engine. Airplanes come in a variety of sizes, shapes, and wing configurations. The broad spectrum of uses for airplanes includes recreation, transportation of goods and people, military, and research. Worldwide, commercial aviation transports more than four billion passengers annually on airliners and transports more than 200 billion tonne-kilometres of cargo annually, which is less than 1% of the world's cargo movement. Most airplanes are flown by a pilot on board the aircraft, but some are designed to be remotely or computer-controlled.

Rotorcraft Heavier-than-air aircraft which generates lift over rotating wings

A rotorcraft or rotary-wing aircraft is a heavier-than-air flying machine that uses lift generated by wings, called rotary wings or rotor blades, that revolve around a mast. Several rotor blades mounted on a single mast are referred to as a rotor. The International Civil Aviation Organization (ICAO) defines a rotorcraft as "supported in flight by the reactions of the air on one or more rotors". Rotorcraft generally include those aircraft where one or more rotors are required to provide lift throughout the entire flight, such as helicopters, autogyros, and gyrodynes. Compound rotorcraft may also include additional thrust engines or propellers and static lifting surfaces.

Contents

Boeing was founded by William Boeing on July 15, 1916, in Seattle, Washington. [6] The present corporation is the result of the merger of Boeing with McDonnell Douglas on August 1, 1997. Former Boeing chair and CEO Philip M. Condit continued as the chair and CEO of the new Boeing, while Harry Stonecipher, former CEO of McDonnell Douglas, became the president and chief operating officer of the newly merged company. [6]

William Boeing American aviation pioneer

William Edward Boeing was an American aviation pioneer who founded The Boeing Company in 1916.

Seattle City in Washington, United States

Seattle is a seaport city on the West Coast of the United States. It is the seat of King County, Washington. With an estimated 744,955 residents as of 2018, Seattle is the largest city in both the state of Washington and the Pacific Northwest region of North America. According to U.S. Census data released in 2018, the Seattle metropolitan area's population stands at 3.94 million, and ranks as the 15th largest in the United States. In July 2013, it was the fastest-growing major city in the United States and remained in the top 5 in May 2015 with an annual growth rate of 2.1%. In July 2016, Seattle was again the fastest-growing major U.S. city, with a 3.1% annual growth rate. Seattle is the northernmost large city in the United States.

Washington (state) State of the United States of America

Washington, officially the State of Washington, is a state in the Pacific Northwest region of the United States. Named for George Washington, the first U.S. president, the state was made out of the western part of the Washington Territory, which was ceded by Britain in 1846 in accordance with the Oregon Treaty in the settlement of the Oregon boundary dispute. It was admitted to the Union as the 42nd state in 1889. Olympia is the state capital; the state's largest city is Seattle. Washington is often referred to as Washington State to distinguish it from the nation's capital, Washington, D.C..

The Boeing Company has its corporate headquarters in Chicago, Illinois. The company is led by President and CEO Dennis Muilenburg. [7] [8] [9] Boeing is organized into five primary divisions: Boeing Commercial Airplanes (BCA); Boeing Defense, Space & Security (BDS); Engineering, Operations & Technology; Boeing Capital; and Boeing Shared Services Group. In 2017, Boeing recorded US$93.3 billion in sales, ranked 24th on the Fortune magazine "Fortune 500" list (2018), [10] ranked 64th on the "Fortune Global 500" list (2018), [11] and ranked 19th on the "World's Most Admired Companies" list (2018). [12]

Chicago City in Illinois, United States

Chicago, officially the City of Chicago) is the most populous city in Illinois, as well as the third most populous city in the United States. With an estimated population of 2,705,994 (2018), it is the most populous city in the Midwest. Chicago is the principal city of the Chicago metropolitan area, often referred to as Chicagoland, and the county seat of Cook County, the second most populous county in the United States. The metropolitan area, at nearly 10 million people, is the third-largest in the United States.

Illinois State of the United States of America

Illinois is a state in the Midwestern and Great Lakes regions of the United States. It has the fifth largest gross domestic product (GDP), the sixth largest population, and the 25th largest land area of all U.S. states. Illinois has been noted as a microcosm of the entire United States. With Chicago in northeastern Illinois, small industrial cities and immense agricultural productivity in the north and center of the state, and natural resources such as coal, timber, and petroleum in the south, Illinois has a diverse economic base, and is a major transportation hub. Chicagoland, Chicago's metropolitan area, encompasses over 65% of the state's population. The Port of Chicago connects the state to international ports via two main routes: from the Great Lakes, via the Saint Lawrence Seaway, to the Atlantic Ocean and from the Great Lakes to the Mississippi River, via the Illinois Waterway to the Illinois River. The Mississippi River, the Ohio River, and the Wabash River form parts of the boundaries of Illinois. For decades, Chicago's O'Hare International Airport has been ranked as one of the world's busiest airports. Illinois has long had a reputation as a bellwether both in social and cultural terms and, through the 1980s, in politics.

Dennis Muilenburg President, chairman and CEO of The Boeing Company

Dennis A. Muilenburg is an American businessman who is the president, chairman and chief executive officer of The Boeing Company since July 1, 2015.

History

The Boeing Company was started in 1916 when American timber salesperson William E. Boeing founded Aero Products Company. 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.

Boeing Model 1 floatplane by Boeing

The Boeing Model 1, also known as the B & W Seaplane, was a United States single-engine biplane seaplane aircraft. It was the first Boeing product and carried the initials of its designers, William Boeing and Lt. Conrad Westervelt USN.

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 organizations to arise from dissolution of United Aircraft and Transport. The other two groups that emerged were United Aircraft Corporation (now United Technologies Corporation) and United Airlines. [13]

United Airlines, Inc., commonly referred to as United, is a major American airline headquartered at Willis Tower in Chicago, Illinois. United operates a large domestic and international route network, with an extensive presence in the Asia-Pacific region. United is a founding member of the Star Alliance, the world's largest airline alliance with a total of 28 member airlines. Regional service is operated by independent carriers under the brand name United Express. United was established by the amalgamation of several airlines in the late 1920s, the oldest of these being Varney Air Lines, which was founded in 1926.

In 2019, two crashes of the Boeing 737 MAX caused many countries and airlines to ground dozens of 737 MAX aircraft. [14]

Boeing 737 MAX groundings Boeing 737 MAX groundings

Aviation regulators and airlines around the world grounded the Boeing 737 MAX passenger airliner in March 2019 after two nearly new airplanes crashed within five months, killing all 346 aboard. The accidents befell Lion Air Flight 610 on October 29, 2018, and Ethiopian Airlines Flight 302 on March 10, 2019. Ethiopian Airlines was first to ground the aircraft, effective the day of its crash. On March 11, China's Civil Aviation Administration was the first government regulator to order grounding, leading most other aviation agencies and airlines to ground the aircraft in the next two days. The U.S. Federal Aviation Administration, the airplane's certifying agency, publicly affirmed its airworthiness on March 11, but grounded it on March 13, citing evidence of accident similarities. In all, 387 aircraft were grounded.

Divisions

Boeing plant in Ridley Park, Pennsylvania Ridley Park PA Boeing.JPG
Boeing plant in Ridley Park, Pennsylvania

The two largest divisions are Boeing Commercial Airplanes and Boeing Defense, Space & Security (BDS). [15]

Environmental record

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. The study found that air, soil, groundwater, and surface water at the site all contained radionuclides, toxic metals, and dioxins; air and water additionally contained perchlorate, TCE, and hydrazines, while water showed the presence of PCBs as well. [16] Clean up studies and lawsuits are in progress. [17] [18]

Jet biofuels

The airline industry is responsible for about 11% of greenhouse gases emitted by the U.S. transportation sector. [19] Aviation's share of the greenhouse gas emissions is poised to grow, as air travel increases and ground vehicles use more alternative fuels like ethanol and biodiesel. [19] Boeing estimates that biofuels could reduce flight-related greenhouse-gas emissions by 60 to 80%. [19] The solution blends algae fuels with existing jet fuel. [19]

Boeing executives said the company is informally collaborating with Brazilian biofuels maker Tecbio, Aquaflow Bionomic of New Zealand and other fuel developers around the world. So far, Boeing has tested six fuels from these companies, and will probably have gone through twenty fuels "by the time we're done evaluating them". [19] Boeing was also joining other aviation-related members in the Algal Biomass Organization (ABO) on June 2008. [20]

Air New Zealand and Boeing are researching the jatropha plant to see if it is a sustainable alternative to conventional fuel. [21] 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. [22]

Electric propulsion

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. [23]

Political contributions, federal contracts, advocacy

Boeing CEO Dennis Muilenburg and President Trump at the 787-10 Dreamliner rollout ceremony Boeing 787-10 rollout with President Trump (32335755473) (cropped).jpg
Boeing CEO Dennis Muilenburg and President Trump at the 787-10 Dreamliner rollout ceremony

In both 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. [24] [25] Since 1995, the company has agreed to pay US$1.6 billion to settle 39 instances of misconduct, including US$615 million in 2006 in relation to illegal hiring of government officials and improper use of proprietary information. [26] [27]

Boeing secured the highest ever tax breaks at the state level in 2013. [28]

Boeing's spent US$16.9 million on lobbying expenditures in 2009. [29] [30] 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". [31]

Boeing has a corporate citizenship program centered on charitable contributions in five areas: education, health, human services, environment, the arts, culture, and civic engagement. [32] [ better source needed ] In 2011, Boeing spent US$147.3 million in these areas through charitable grants and business sponsorships. [33] In February 2012, Boeing Global Corporate Citizenship partnered with the Insight Labs to develop a new model for foundations to more effectively lead the sector that they serve. [34] [ better source needed ]

The company is a member of the U.S. Global Leadership Coalition, a Washington D.C.-based coalition of over 400 major companies and NGOs that advocates for a larger International Affairs Budget, which funds American diplomatic and development efforts abroad. [35] 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. [36]

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. [37]

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. [38]

Financial numbers

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. [39]

YearRevenue
in million US$
Net income
in mil. US$
Price per Share
in US$
Employees
200553,6212,57245.42
200661,5302,21559.20
200766,3874,07471.05
200860,9092,67250.76
200968,281 [40] 1,31235.73
201064,306 [41] 3,29853.89
201168,735 [42] 4,00958.20
201281,698 [43] 3,90062.65
201386,623 [44] 4,57890.39168,400
201490,762 [45] 5,440114.72165,500
201596,114 [46] 5,172131.43161,400
201694,571 [47] 4,892125.66150,500
201793,392 [48] 8,191209.85140,800
2018101,127 [49] 10,460319.05153,000

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. [50]

Employment numbers

The company's employment count is listed on its website below.

Employment by division
(Feb 8, 2019) [51]
GroupEmployees
Boeing Commercial Airplanes (BCA)63,715
Boeing Defense, Space & Security (BDS)36,742
Corporate29,520
Global Services23,050
Total Company153,027
Employment by location
(Feb 8, 2019) [51]
LocationEmployees
Alabama 3,049
Arizona 4,336
California 12,869
Missouri 14,566
Oklahoma 3,158
Pennsylvania 4,580
South Carolina 7,343
Texas 3,860
Washington 69,830
Other Locations29,436
Total Company153,027

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. [52] The average salary at Boeing is $76,784, reported by former employees. [53]

Corporate governance

Board of directors

Chief executive officer

1933–1939 Clairmont "Claire" L. Egtvedt [57]
1939–1944 Philip G. Johnson
1944–1945Clairmont L. Egtvedt
1945–1968 William M. Allen
1969–1986 Thornton "T" A. Wilson
1986–1996 Frank Shrontz [58]
1996–2003 Philip M. Condit
2003–2005 Harry C. Stonecipher
2005 James A. Bell (acting)
2005–2015 James McNerney
2015–presentDennis Muilenburg [59]

Chairman of the board

1916–1934 William E. Boeing
1934–1939Clairmont L. Egtvedt (acting)
1939–1966Clairmont L. Egtvedt
1968–1972William M. Allen
1972–1987Thornton "T" A. Wilson
1988–1996Frank Shrontz
1997–2003Philip M. Condit
2003–2005 Lewis E. Platt
2005–2016James McNerney
2016–present Dennis Muilenburg

President

1922–1925 Edgar N. Gott [60]
1926–1933Philip G. Johnson
1933–1939Clairmont L. Egtvedt
1939–1944Philip G. Johnson
1944–1945Clairmont L. Egtvedt
1945–1968William M. Allen
1968–1972Thornton "T" A. Wilson
1972–1985 Malcolm T. Stamper
1985–1996Frank Shrontz
1996–1997Philip M. Condit
1997–2005 Harry C. Stonecipher
2005 James A. Bell (acting)
2005–2013James McNerney
2013–presentDennis Muilenburg [61]

See also

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Further reading