Factory Problems Delay Boeing Satellites
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Boeing Co. disclosed that production problems had delayed delivery of three commercial satellites, at least one of which had been rejected by its customer. The Chicago-based company also said an export-related tax break that has been ruled illegal by the World Trade Organization saved Boeing $195 million last year.
The disclosures came in a filing with the Securities and Exchange Commission. Boeing also said its 717 jetliner program had a “forward loss” of $250 million stemming from production cuts. It’s forced Boeing to cut production on the Long Beach line to one 717 aircraft a month from 3.5. Boeing’s five other jet programs also have cut production.
Boeing’s shares rose 11 cents to $27.95 on the NYSE.
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