A number of conservative Republicans have targeted the Ex-Im Bank, which serves US exporters and the buyers of US goods, for closure in July when its funding runs out as they consider it usurps the role of the private sector and provides “welfare” for big business. Boeing however, which is a leading Ex-Im Bank beneficiary, supports multi-year renewal of the agency, stating that it helps to create jobs. Boeing's Chief Executive, Jim McNerney, said that “Most of my engineering and manufacturing jobs are in the United States and I'd like to keep it that way. But without Ex-Im financing, you'd have to start asking the question.” He added, “Boeing can survive, for sure… but the competitiveness dislocation would be significant. If Ex-Im goes away, you'd have the ‘Wild West.'”
Boeing have indicated they may have to relocate US-based engineering and manufacturing jobs overseas if Congress decides to eliminate funding for the Bank. Boeing has approximately 165,000 engineering and manufacturing jobs in the US. Additionally, a number of the 1.5 million company jobs in the US supply chain could also be jeopardized if US credit support ceased, Boeing's CEO, Jim McNerney intimated, also pointing out that the loss of export credit support would prove advantageous to Boeing's overseas competitors, who can rely on backing from their home agencies. He made it very clear overseas competitors are already using the Ex-Im Bank uncertainty as a sales tool concerning the company's potential lack of reliability, saying “That's a very effective sales strategy for our competitors”
He said Boeing's overseas competition is already using the Ex-Im Bank debate in Congress as a sales tool by telling prospective buyers that US export credit support is not dependable.” he told attendees at a US export credit agency sponsored conference. However McNerney had come under fire from the Republican chairman of the US House Financial Services Committee ahead of the conference, who lambasted McNerney for refusing to accept an invitation to testify about the Ex-Im Bank at a hearing anticipated for May or June.
Main Menu
Boeing may relocate many of its operations overseas if Ex-Im Bank ceases
Share this Article
Wednesday November 13, 2024
Boeing's 2024 World Air Cargo Forecast (WACF) anticipates robust growth for the air cargo industry, projecting an average annual increase of 4% in air cargo traffic through 2043. This sustained growth follows a post-pandemic resurgence, with current air cargo ... Read More »
Wednesday November 13, 2024
Chromalloy has announced the signing of a distribution and license agreement with AAR, under which AAR will exclusively distribute the company's PMA (parts manufacturer approval) parts for the CF6-80C2 engine high-pressure turbine (HPT) Stage 1 and Stage 2 bla... Read More »
Wednesday November 13, 2024
Virgin Australia has implemented necessary adjustments to its Bali flight schedule following the eruption of Mount Lewotobi in Indonesia. The volcanic eruption has released a significant ash cloud, making it unsafe to operate flights to and from Denpasar, Bali... Read More »
Wednesday November 13, 2024
SAS has joined a collaborative initiative between Danish green hydrogen producers and Dutch industrial markets, officially launched in the presence of His Majesty King Willem-Alexander of the Netherlands, His Majesty King Frederik of Denmark, Dutch Deputy Prim... Read More »
Wednesday November 13, 2024
Spirit AeroSystems has announced a critical financial arrangement with Boeing, which will provide the company with up to US$350 million in advance payments. This cash infusion is designed to alleviate some of Spirit's ongoing financial challenges, including ex... Read More »
Tuesday November 12, 2024
At the recent Arab Air Carriers Organization annual general meeting in Amman, Royal Jordanian Airlines (Royal Jordanian) announced a major investment in GE Aerospace's GEnx-1B engines to power its expanding Boeing 787-9 Dreamliner fleet. The commitment compris... Read More »
Tuesday November 12, 2024
In a landmark step towards transforming India's aviation landscape, the Air India Group has finalised the operational integration and legal merger of Air India with Vistara, creating a comprehensive full-service carrier under the Air India name. This consolida... Read More »
Tuesday November 12, 2024
easyJet and Lufthansa Technik Milan have signed a three-year extension to their previous contract for ongoing light base maintenance on easyJet's extensive Airbus A320-family fleet. This extended agreement, now set to run until mid-2027, will see two of easyJe... Read More »
Tuesday November 12, 2024
Avia Solutions Group, an ACMI (aircraft, crew, maintenance, insurance) provider, has placed its first-ever order with Boeing for 40 737-8 aircraft, with the option to acquire an additional 40 in the future. This acquisition underscores the Group's commitment t... Read More »
Tuesday November 12, 2024
Elbe Flugzeugwerke GmbH (EFW), renowned for its expertise in Airbus passenger-to-freighter (P2F) conversions, and HNA Aviation Group (HNA), a major Chinese aviation player owned by Fangda Group, have signed a strategic memorandum of understanding (MOU) to coll... Read More »
Tuesday November 12, 2024
Asia Digital Engineering (ADE), the MRO subsidiary of Capital A, has announced its latest achievement: receiving Approved Maintenance Organisation (AMO) certification from the Civil Aviation Authority of Vietnam. This milestone expands ADE's operational capabi... Read More »
Monday November 11, 2024
Air India has selected Swiss-AS‘ AMOS as its comprehensive maintenance, repair, and overhaul (MRO) software solution to maintain high reliability in aircraft operations amid significant fleet expansion and connectivity growth. The cloud-based AMOS system... Read More »
Monday November 11, 2024
StandardAero's engine overhaul centre in San Antonio, Texas, has completed correlation of its first test cell for the CFM International LEAP-1A turbofan engine, marking a significant milestone in its rollout of LEAP-1A and LEAP-1B maintenance, repair, and over... Read More »
Monday November 11, 2024
A U.S. appeals court has upheld a prior ruling that deemed American Airlines' Northeast Alliance with JetBlue Airways anticompetitive, affirming the decision made by a lower court in favour of the U.S. Department of Justice. The 1st U.S. Circuit Court of Appea... Read More »
Monday November 11, 2024
Falko has announced the acquisition of two Embraer E170 aircraft from Azorra, a U.S.-based commercial aircraft lessor. These aircraft, currently leased to American Airlines and subleased to its subsidiary, Envoy Air, will be integrated into Falko's managed fun... Read More »
Monday November 11, 2024
The Swedish Ministry of Defence has announced the selection of the Embraer C-390 Millennium as Sweden's new tactical transport aircraft. This strategic choice from another North Atlantic Treaty Organization (NATO) member country marks the first acquisition of ... Read More »
Monday November 11, 2024
The inauguration of VoltAero's final assembly facility and headquarters at Rochefort Airport on November 8, marks a major step towards certification and production of the company's Cassio electric-hybrid aircraft family, advancing a new era of sustainable regi... Read More »
Friday November 8, 2024
Pratt & Whitney together with Air New Zealand, held a ground-breaking ceremony for a US$150 million expansion of its Christchurch Engine Centre, adding 14,000 m² to the facility. This expansion will introduce maintenance, repair, and overhaul (MRO) capabi... Read More »
Friday November 8, 2024
In the third quarter of 2024, Embraer delivered a total of 59 jets, marking a 26% increase quarter-over-quarter and a 37% rise year-over-year. Deliveries included 41 executive jets (22 light and 19 medium), 16 commercial jets, and two C-390 Millennium multi-mi... Read More »
Friday November 8, 2024
Rise Air, a fully Indigenous-owned airline serving Saskatchewan, is set to upgrade its fleet with three new 68-seat ATR 72-600 aircraft, becoming the first Canadian operator of ATR's latest -600 series. The airline has secured a firm order for its first ATR 72... Read More »
Aviation News Categories
2023 MEDIA KIT
Tamar Jorssen
[email protected]
Phone: +1 (778) 213 8543
Malte Tamm
[email protected]
Phone: +49 (0)162 8263049