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.
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 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.
Corporate headquarters were moved from Seattle to Chicago in 2001.
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. The Wall Street Journal reported on May 5, 2019, that Boeing had known of the issue with the system for “about a year” before the crash in Indonesia. In December 2019, Boeing announced it will suspend 737 MAX production from January 2020. Soon after, on December 23, then CEO Dennis Muilenburg resigned and was replaced by David Calhoun.
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.
The Boeing Vision is an expression of our company s purpose and values, designed to inspire and focus all employees on a shared future and to reaffirm that, together, we can meet the challenges that lie ahead.
We are constantly re-examining our capabilities and processes to ensure that our company is as strong and vital as our heritage. In fact, our culture mirrors the heritage of aviation itself, built on a foundation of innovation, aspiration and imagination.