Chairman Says the Boeing Company May have to Move Some Operations Overseas if Export Import Charter is not Extended
On Wednesday, W. James McNerney, the Boeing Company Chairman suggested in front of an audience that the aircraft maker may have to move some of its operations to other countries if the Export-Import Bank's charter is not extended, which expired on 30 June.
Boeing, the Chicago based company which is the biggest exporter of the country is also the prime beneficiary of Export Import Bank services.
Approximately forty percent of the bank's credit portfolio is made up of loans and loan guarantees that are connected to the sales of Boeing jetliners overseas.
Boeing says, the company largely depends on the Export Import Bank to compete with its rival Airbus. Airbus has access to many export-credit agencies in Europe.
The job moving threat by Jim McNerney was called "unacceptable" by Jon Holden, the president of the largest Boeing union, International Association of Machinists District 751. The union represents 30,000 or more workers at Boeing. It surely signals at a discord between the jetliner maker and its work force.
Some of the spectators who closely follow the issue think that the comments made by McNerney are just a scare tactics that is aimed at pressurizing the Congress to renew the Export Import charter.
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