|Legal Name:||The Boeing Company|
|Headquarters Regions:||Chicago, Illinois, United States|
|Founded Date:||15 July 1916|
|Founders:||William E. Boeing|
|Number of Employees:||150000+|
|Area served:||United States of America and world|
|Products of Company:||designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles|
|Net Worth in 2021:||$150 Billion|
Although running a business is a total risk, there are some that needs a lot of confidence to venture into. This is because, the amount of capital at risk is so high for anyone to risk stepping their foot into without the assurance they are going to get profit from it. One of the companies whose owner was courageous enough to risk a lot to found it is The Boeing Company.
The Boeing Company is famously known worldwide as an American multinational corporation that deals with designing, manufacturing and selling airplanes, rockets, rotorcrafts, telecommunications equipment, satellite and missiles worldwide.
At the same time, the company is known to provide leasing and product support services. The Boeing Company is among the largest and most trusted aerospace manufacturers and the second-largest defense contractor worldwide based on 2018 revenue. By dollar value, it is the largest exporter in the U.S.
They have managed to have their stock in the Dow Jones Industrial Average. This company has however been around long enough to deserve the respect and trust it has earned from its clients worldwide. The company was founded on the 15th of June in 1916 by William Boeing in Seattle, Washington and there has never been turning back to date.
Well, how well do you know about The Boeing Company? If not much, we have compiled all you need to know about The Boeing Company’s net worth in 2021, wiki and complete details. Well, if you’re all set, here is what we know about The Boeing Company to date.
The Boeing Company was founded on the 15th of June in 1916 by an American lumber industrialist named William E. Boeing that founded Aero Products Company. It was founded in Seattle, Washington shortly before Conrad Westervelt and William Boeing created the “B&W” seaplane.
In 1917, they renamed the organization Boeing Airplane Company then William Boeing in 1928 formed Boeing Airplane & Transport Corporation. One year later, they decided to change the name of the country to United Aircraft and Transport Corporation. This was followed by the acquirement of several small aircraft makers like Chance Vought, Stearman Aircraft, Avion and Pratty & Whitney among others.
In 1931, they merged the four smaller airlines to form United Airlines. In 1934, rules were implemented that demanded aircraft manufacturers to be different from air transporters. Therefore, Boeing Airplane Company became the first of three major groups that rose from disbandment of United Aircraft and Transport.
The other two were United Airlines and United Aircraft which later became United Technologies. Almost 30 years later in 1960, they bought Vertol Aircraft Corporation which was the largest independent fabricator of helicopters at the time. The company later diversified into industries like agriculture, marine craft, outer space travel, energy production and transit systems in 1960s to 1970s.
In 1995, they decided to partner with Ukrainian, Russian and Anglo-Norwegian organizations to come up with Sea Launch. Sea Launch is a company that provides commercial launch services and sends satellites to geostationary orbit from the floating platforms. 5 years later, they acquired the Hughes Electronics satellite segment.
In December of 1996, they announced their intention of merging with McDonnell Douglas and this was completed on 4th of August in 1997 following regulatory approval. The European Commission delayed this process as it had some objections which later placed 3 conditions on the two companies for the merger to take place. These conditions were met and they finally achieved what they were looking for.
In 2001, they moved the corporate headquarters from Seattle to Chicago in 2001. The first Boeing factory was opened in Europe in 2018 at Sheffield, UK. This was reinforced by their research partnership with the famous University of Sheffield. Unfortunately, just like many other businesses around the world, the company was forced to cut over 12,000 jobs in May 2020 due to the drop in travel caused by the Covid-19 pandemic.
They also had plans of cutting a total of 10% of its workforce or equate it to approximately 16,000 positions. When 737 MAX aircraft was grounded due to the pandemic, as a result, they incurred a loss of $2.4 billion. The loss was reported in July 2020.
2018 and 2019 wasn’t the best years for Boeing Company as two of their Boeing 737 MAX narrow-body passenger planes had fatal crashes. As a result, aviation regulators and airlines around the globe decided to ground all the 737 MAX airlines.
Awards and Nomination
There are many aerospace manufacturer companies today, but none can equate to what The Boeing Company has. For this reason, this company has been ranked on position 24 of the Fortune 500 Company’s list by Fortune Magazine. On the Fortune Global 500 list, they were ranked on position 64.
In 2018, they also found their way into the World Most Admired Company list achieving the position 19. In the same year, they were awarded with Robert W Campbell Award thanks to their expertise in integrating the environmental, safety and health into its business operations.
Net Worth & Earnings of The Boeing Company in 2021
As of 2021, The Boeing Company had a total of 150,000+ employees, Although, they had a great loss in 2020, their total assets still stands at $150 billion. This is a great net worth margin for a company that has gone through so many challenges from 2018 to 2020. We hope that they will get back their profit margin once the Covid-19 pandemic is put under control and air travel is back to normal.
Running a company for more than a century and still having it under control and have it grow from one level to another is not easy. The Boeing Company has proven to be a great success.