Boeing 737 Max at it again

[beetroot]

Not a 787... the winglet gives it away...

MAYBE an A350...

That shit with the tape, no not real... I dont believe speed tape is EVER EVER EVER allowed on the top of the wing of any airplane.

It looks like a racked wingtip to me.
It's not fake, I've put a lot of 600mph tape on the top of 787 wings.

 

[UKDslayer]

Boeing Workers Begin Massive Strike, Production of 737 Max Halted

Boeing has a new problem to address that could put the company even deeper in the hole that it has dug for itself.

www.thegatewaypundit.com

 

[Mr.BR]

Boeing's money raise officially hit this AM. The offering: 90 million shares of common stock and $5 billion in depositary shares.

Boeing Announces Stock Offering Expected to Raise up to $19 Billion

Boeing has been struggling with a string of problems in recent years, prompting the departure of its old chief executive, who was replaced in August by aerospace veteran Kelly...

www.industryweek.com

Here are the offering details from Boeing:

The Boeing Company [NYSE: BA] ("Boeing" or the "Company") announced today the launch of concurrent separate underwritten public offerings of (i) 90,000,000 shares of common stock, par value $5.00 per share ("Common Stock") of the Company and (ii) $5 billion of depositary shares ("Depositary Shares"), each representing a 1/20th interest in a share of newly issued Series A Mandatory Convertible Preferred Stock, par value $1.00 per share ("Preferred Stock"), of the Company (together, the "Offerings"). Boeing expects to grant to the underwriters of the Offerings a 30-day option to purchase up to an additional (i) 13,500,000 shares of Common Stock and (ii) $750 million of Depositary Shares, solely to cover over-allotments, if any. Boeing intends to use the net proceeds from the Offerings for general corporate purposes, which may include, among other things, repayment of debt, additions to working capital, capital expenditures, and funding and investments in the Company's subsidiaries.
Holders of the Depositary Shares will be entitled to a proportional fractional interest in the rights and preferences of the Preferred Stock, including conversion, dividend, liquidation and voting rights, subject to the provisions of a deposit agreement. The Preferred Stock is expected to have a liquidation preference of $1,000 per share. Unless earlier converted, each share of Preferred Stock will automatically convert, for settlement on or about October 15, 2027, into a variable number of shares of Common Stock based on the applicable conversion rate, and each Depositary Share will automatically convert into a number of shares of Common Stock equal to a proportionate fractional interest in such shares of Common Stock. The dividend rate, conversion terms and other terms of the Preferred Stock will be determined at the time of pricing of the offering of the Depositary Shares. Currently, there is no public market for the Depositary Shares or the Preferred Stock. Boeing intends to apply to list the Depositary Shares on the New York Stock Exchange under the symbol "BA.PRA."

 

[lash]

“Boeing intends to use the net proceeds from the Offerings for general corporate purposes, which may include, among other things, repayment of debt, additions to working capital, capital expenditures, and funding and investments in the Company's subsidiaries.”

Uh huh, sure…

 

[Mr.BR]

“Boeing intends to use the net proceeds from the Offerings for general corporate purposes, which may include, among other things, repayment of debt, additions to working capital, capital expenditures, and funding and investments in the Company's subsidiaries.”

Uh huh, sure…

General corporate purpose was mostly burning cash on stock buybacks

Boeing’s Decline Traced to Decades of Catering to Shareholders Above All Others​

The arc of Boeing’s fall can be traced back a quarter century, to when its leaders elevated the interests of shareholders above all others, said Richard Aboulafia, industry analyst with AeroDynamic Advisory.

“Crush the workers. Share price. Share price. Share price. Financial moves and metrics come first,” was Boeing’s philosophy, he said. It was, he said, “a ruthless effort to cut costs without any realization of what it could do to capabilities.”

To drive down costs, Boeing chose to aggressively confront first its workforce and then its suppliers rather than partner with them. It left both, Aboulafia said, “angry and alienated.” Today Boeing’s leaders are tepidly admitting that this shareholders-first, cut-costs, workers-be-damned strategy was flawed. But, for two decades, it worked.

Boeing’s leaders delivered gushers of cash to shareholders through stock buybacks and dividends — $68 billion since 2010, according to Melius Research — rather than investing in future all-new airplanes, such as pulling forward airline cash advances.

Many factors have contributed to Boeing’s decline. One notable change has been the company’s broad divestment of assets to please investors. One example was the sale of Spirit AeroSystems, its main aerostructures operations in Kansas. Intended to cut costs, Boeing now outsources this work to Spirit AeroSystems, which has weakened it’s quality control.

 

[lash]

General corporate purpose was mostly burning cash on stock buybacks

Boeing’s Decline Traced to Decades of Catering to Shareholders Above All Others​

The arc of Boeing’s fall can be traced back a quarter century, to when its leaders elevated the interests of shareholders above all others, said Richard Aboulafia, industry analyst with AeroDynamic Advisory.

“Crush the workers. Share price. Share price. Share price. Financial moves and metrics come first,” was Boeing’s philosophy, he said. It was, he said, “a ruthless effort to cut costs without any realization of what it could do to capabilities.”

To drive down costs, Boeing chose to aggressively confront first its workforce and then its suppliers rather than partner with them. It left both, Aboulafia said, “angry and alienated.” Today Boeing’s leaders are tepidly admitting that this shareholders-first, cut-costs, workers-be-damned strategy was flawed. But, for two decades, it worked.

Boeing’s leaders delivered gushers of cash to shareholders through stock buybacks and dividends — $68 billion since 2010, according to Melius Research — rather than investing in future all-new airplanes, such as pulling forward airline cash advances.

Many factors have contributed to Boeing’s decline. One notable change has been the company’s broad divestment of assets to please investors. One example was the sale of Spirit AeroSystems, its main aerostructures operations in Kansas. Intended to cut costs, Boeing now outsources this work to Spirit AeroSystems, which has weakened it’s quality control.

Yes, 100%.

That same attitude has destroyed more once great companies (large and small) in the past 20 years than just about any other cause. I’ve seen it play out many times during my work career.

 

[BytorJr]

Yes, 100%.

That same attitude has destroyed more once great companies (large and small) in the past 20 years than just about any other cause. I’ve seen it play out many times during my work career.

Throw in real estate deals to that mix and you'll have a company called Westinghouse. One of the very best electrical companies ever: transformers, switchgear/breakers, appliances...ruined by speculative trading which became the S&L crisis - about the only bad product they had was incandescent light bulbs that had a not-so-great color (and funny shape).

 

[LRRPF52]

Hughes, Westinghouse, and Raytheon used to be the big 3 in Fighter and missile Radars as well.

Westinghouse used to make the APG-66 and APG-68 Radars for the F-16A/B/C/D.

I think Northrop-Grumman picked up the contract for APG-68.

 

[Mr.BR]

Strike Ends At Boeing After Workers Ratify New "Life-Changing" Contract​

"This was a defining moment tonight," IAM District 751 president Jon Holden said, adding, "This is a victory. We stood strong, we stood tall, we won." He noted that more than 26,000 votes had been cast, adding, "I just want to get our members back in the factory."

Here are the highlights of the new labor contract:

• 38% general wage increase over four years – 13%, 9%, 9%, 7% which compounds to 43.65% over the life of the agreement
• $12,000 Ratification Bonus: The ratification bonus combines the previous $7,000 ratification bonus and the $5,000 lump sum into the 401(k). Now, union members can choose how this total amount is received – in their paycheck, contribution to 401(k), or a combination of both.
• AMPP incentive plan is reinstated, with a guaranteed minimum annual payout of 4%, including 2024 payout in February 2025
• 401(k) employer match of 100% up to 8%
• Special company retirement contribution of 4% into 401(k) maintained
• $105 pension multiplier per year for those vested in the pension plan
• Call-in language back to current contract
• New long-term disability plan and big improvement to short term disability plan
• Health care cost containment
• Improved overtime rules
• Key job security provisions
• Increased Minimum Rates that now increase with COLA increases.

 

[KYAggie]

Strike Ends At Boeing After Workers Ratify New "Life-Changing" Contract​

View attachment 8539663

"This was a defining moment tonight," IAM District 751 president Jon Holden said, adding, "This is a victory. We stood strong, we stood tall, we won." He noted that more than 26,000 votes had been cast, adding, "I just want to get our members back in the factory."

Here are the highlights of the new labor contract:

• 38% general wage increase over four years – 13%, 9%, 9%, 7% which compounds to 43.65% over the life of the agreement
• $12,000 Ratification Bonus: The ratification bonus combines the previous $7,000 ratification bonus and the $5,000 lump sum into the 401(k). Now, union members can choose how this total amount is received – in their paycheck, contribution to 401(k), or a combination of both.
• AMPP incentive plan is reinstated, with a guaranteed minimum annual payout of 4%, including 2024 payout in February 2025
• 401(k) employer match of 100% up to 8%
• Special company retirement contribution of 4% into 401(k) maintained
• $105 pension multiplier per year for those vested in the pension plan
• Call-in language back to current contract
• New long-term disability plan and big improvement to short term disability plan
• Health care cost containment
• Improved overtime rules
• Key job security provisions
• Increased Minimum Rates that now increase with COLA increases.

I wonder if any of this matters after Boeing files for bankruptcy or sells parts of the company off?

It sounds like a huge pay and benefits increase, but my understanding, which could be wrong, is that the company has made stock holders and C-suite people rich and not taken care of the employees for well over a decade, so this might actually just bring them up to parody to where they should have been all along. Who knows? It sound plausible though, given how the C-suite tends to rape the workers to get rich at many companies these days.

Only time will tell.

 

[DIBBS]

With all the problems Boeing has been having, and the billions of dollars that they have been losing, it will be interesting to see how this all pans out.

 

[lash]

At this rate, we the tax payers will be they new financial arm of Boing after the government bail out.

 

[rjacobs]

At this rate, we the tax payers will be they new financial arm of Boing after the government bail out.

We already are since they are the #1 defense contractor in the country as far as I know.

KC46 boondogle
P8(i think thats actually a decent program)
F18
F15

Boeing Missile Defense is a massive missile manufacturer. JDAM and probably a few others, dont know enough about that stuff.

Lets not get into the Boeing space contracts and that boondogle.

If Boeing isnt getting enough tax payer dollars through all that then...buh by...