- Boeing (NYSE:BA) will invest C$240 million in three Canadian projects under an agreement to sell Poseidon military surveillance planes
- The aerospace company plans to invest in several Québec-based enterprises, including a C$110 million anchor investment for an Aerospace Development Centre in the new Espace Aéro Innovation Zone
- The total investments for the project are worth C$415 million as the Québec government is contributing C$85 million
- The Boeing Company last traded at US$184.78 per share
Boeing (NYSE:BA) will invest C$240 million in three Canadian projects under an agreement to sell Poseidon military surveillance planes.
The aerospace company plans to invest in several Québec-based enterprises, including a C$110 million anchor investment for an Aerospace Development Centre in the new Espace Aéro Innovation Zone.
A heavyweight in the aircraft manufacturing business, Boeing is also dedicating C$95 million to advancing the development Wisk Aero’s autonomous, passenger carrying air taxi, along with C$35 million to advanced landing gear research in partnership with Héroux-Devtek.
The total investments for the project are worth C$415 million as the Québec government is contributing C$85 million.
In a news release, the company stated that it intends to advance sustainable aerospace in Canada and is assessing additional projects to locate in Espace Aéro.
Back in November 2023, the Canadian government announced that it intends to acquire the P-8A Poseidon aircraft as part of the Canadian Multi-Mission Aircraft project. Boeing’s investments in Québec build on more than C$2 billion in P-8 contracts with Canadian companies to date, contributing jobs, and economic growth across the country.
This comes during a rough week for Boeing news. One of its flights above Myanmar suddenly hit extreme turbulence and made a “dramatic drop,” wildly throwing passengers, flight attendants and objects around the cabin. Dozens were injured and one British passenger died.
NASA has also delayed the debut crewed flight of Boeing’s Starliner capsule so engineers could spend more time evaluating a helium leak in the spacecraft’s propulsion system.
Boeing operates in three segments: commercial airplanes, defence, space and security, global services. Its commercial airplanes segment develops, produces and markets commercial jet aircraft to the commercial airline industry worldwide. Its family of commercial jet aircraft in production includes the 737 narrow-body model and the 767, 777 and 787 wide-body models. Its defence, space and security segment is engaged in the research, development, production and modification of manned and unmanned military aircraft and weapons systems strike, surveillance and mobility. Its global services segment provides services to its commercial and defence customers worldwide.
The Boeing Company (NYSE:BA) last traded at US$184.78 per share. Boeing stock has fallen nearly 30 per cent since the year began.
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