Partly Cloudy
Humidity: 59%
Pressure: 30.05 in


Boeing expects $50 million Globemaster charge in 1st qtr.

Boeing expects $50 million Globemaster charge in 1st qtr.
Boeing Co. delivers the last C-17 Globemaster III cargo jet for the U.S. Air Force at the aerospace company's plant to members of the U.S. Air Force in Long Beach, Calif., Thursday, Sept. 12, 2013. Military officials took delivery of the C-17 Globemaster III, the 223rd sold to the Air Force. (AP Photo/Damian Dovarganes)
Show Caption
NEW YORK (AP) - Boeing will take a $50 million charge as it ends production of its C-17 Globemaster III and closes its last assembly facility in Long Beach, Calif.

The C-17 made its first flight in 1991. It is used to airlift tanks, supplies and troops and perform medical evacuations. It quickly became a war and disaster workhorse, prized for its ability to take-off and land at Spartan airstrips and cover intercontinental distances with a full load and without refueling.

Based on market trends and the timing of orders, The Boeing Co., based in Chicago, says it will finish production of the last Globemasters in mid-2015 instead of late 2015. As a result, the company said Monday that its first-quarter results will include an inventory charge of about $50 million.
Boeing, Lockheed Martin formally protest bomber contract