Boeing issued the following statement on the U.S. support for Aerospace manufacturers:
“We appreciate the support of the President and the Administration for the 2.5 million jobs and 17,000 suppliers that Boeing relies on to remain the number one US exporter, and we look forward to working with the Administration and Congress as they consider legislation and the appropriate policies.
Boeing supports a minimum of $60 billion in access to public and private liquidity, including loan guarantees, for the aerospace manufacturing industry. This will be one of the most important ways for airlines, airports, suppliers and manufacturers to bridge to recovery. Funds would support the health of the broader aviation industry, because much of any liquidity support to Boeing will be used for payments to suppliers to maintain the health of the supply chain.
The long term outlook for the industry is still strong, but until global passenger traffic resumes to normal levels, these measures are needed to manage the pressure on the aviation sector and the economy as a whole.
We’re leveraging all our resources to sustain our operations and supply chain. We continue to assess additional levers as we navigate the current challenges and position the industry for the long term. As reported last week, drawing on our delayed draw loan term was a prudent step to increase our liquidity and ease some of the significant near-term pressures on our business. We filed an 8-K today to formally disclose that draw down.”
Earlier, Boeing issued the following statement on the Aerospace industry challenges:
“America’s aerospace industry – which supports over 2.5 million jobs and 17,000 suppliers – is facing an urgent challenge resulting from the coronavirus pandemic. The long term outlook for the industry is still strong, but until global passenger traffic resumes to normal levels, we’re taking steps to manage the pressure on our business.
We’re leveraging all our resources to sustain our operations. Meanwhile, ready short term access to public and private liquidity will be one of the most important ways for airlines, airports, suppliers and manufacturers to bridge to recovery, and we appreciate how the Administration and Congress are engaging with all elements of the aviation industry during this difficult time.”
Boeing is the world's largest aerospace company and leading manufacturer of commercial jetliners, defense, space and security systems, and service provider of aftermarket support. As America’s biggest manufacturing exporter, the company supports airlines and U.S. and allied government customers in more than 150 countries.
Boeing products and tailored services include commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.