October 27, 2020-
Through five new agreements, Boeing [NYSE: BA] and its Canadian aerospace partners are preparing to deliver C$61 billion and nearly 250,000 jobs to the Canadian economy.
“Canada is one of Boeing’s most enduring partners and has continuously demonstrated that they have a robust and capable industry supporting both our commercial and defence businesses,” said Charles “Duff” Sullivan, Boeing Canada managing director. “The large scale and scope of these Canadian projects reinforces Boeing’s commitment to Canada and gives us an opportunity to build on our motto of promises made, promises kept.”
According to new data and projections from economists at Ottawa-based Doyletech Corp., the total economic benefits to Canada and its workforce for the acquisition of the F/A-18 Block III Super Hornet will last for at least 40 years and benefit all regions thanks to billions of dollars in economic growth. A Super Hornet selection for the Future Fighter Capability Project (FFCP) is also expected to deliver hundreds of thousands of high paying jobs critical to the country’s economic recovery.
“At a time when Canada is working toward recovery efforts coming out of the pandemic, a Super Hornet selection would provide exactly the boost that we need,” said Rick Clayton, economist at Doyletech Corp. “Boeing and its Super Hornet industry partners have a long track record of delivering economic growth to Canada, which gave us the confidence that our data and detailed projections are extremely accurate.”
Today’s announcement includes partnerships with five of Canada’s largest aerospace companies outlining how they would benefit from a Block III Super Hornet selection in the FFCP:
Boeing and its partners have delivered on billions of dollars in industrial and technological benefits obligations dating back more than 25 years. The work started with the sale of the F/A-18s in the mid-1980s and progressed through more recent obligations including acquisition of and sustainment work on the C-17 Globemaster and the CH-47F Chinooks to meet Canada’s domestic and international missions. In 2019 Boeing’s direct spending rose to C$2.3 billion, a 15% increase in four years. When the indirect and induced effects are calculated, this amount more than doubles to C$5.3 billion, with 20,700 jobs, according to Doyletech.
Boeing’s long-standing partnership with Canada dates back to 1919, when Bill Boeing made the first international airmail delivery from Vancouver to Seattle. Today, Canada is among Boeing’s largest international supply bases, with more than 500 major suppliers spanning every region of the country. With nearly 1,500 employees, Boeing Canada supplies composite parts for all current Boeing commercial airplane models and supports Canadian airlines and the Canadian Armed Forces with products and services.
Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As a top U.S. exporter, the company supports commercial and government customers in more than 150 countries. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.
Source : The Boeing Company (NYSE: BA)
Publish date: September 2018 - Pages: 222