WASHINGTON: Boeing has said it will indefinitely extend a shutdown at its factories in Washington state because of the coronavirus pandemic.
The aerospace giant had already halted production at its Puget Sound facility near Seattle, where the company builds the long-range 777 jet and other models, after announcing a two-week stoppage last month.
It had also shut its other major state factory at Moses Lake because of the 737 MAX grounding.
Boeing announced Sunday that the shutdown would continue indefinitely in an effort to protect staff from COVID-19, which has already claimed the life of one employee at the company’s Everett facility.
“The health and safety of our employees, their families and our communities is our shared priority,” Boeing’s commercial airplanes division president Stan Deal said in a statement.
Boeing was already facing significant headwinds prior to the coronavirus pandemic because of the crisis surrounding the 737 MAX, which has been grounded for more than a year following two fatal crashes.
But the pandemic has further hit the company’s outlook with most commercial airline travel suspended and major carriers thrust into a life-or-death fight.
The company is seeking more than $60 billion in federal support for the US aerospace industry in the wake of the two crises.
It announced a voluntary worker layoff plan on Thursday and said it expected “several thousand employees” to take a severance package or retire.
Boeing currently employs around 70,000 people in Washington state.
Boeing extends factory shutdown in Washington state
https://arab.news/bc4db
Boeing extends factory shutdown in Washington state
- Shutdown would continue indefinitely in an effort to protect staff from COVID-19
- Boeing currently employs around 70,000 people in Washington state
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
