Boeing to Halt Production at Washington State Factory Amid Coronavirus Risk
Boeing Co (BA) said it would halt production at its Washington state factory for two weeks due to the accelerating spread of the coronavirus in the region.
Boeing plans to reduce production this week and will suspend all operations on March 25 for 14 days. During this period, the company will be conducting deep cleaning activities at impacted sites. Employees will continue to work from home if they can, and those who can’t will receive paid leave for 10 days.
“Critical distribution operations in support of airline, government, and maintenance, repair and overhaul customers will continue,” Boeing said in a statement.
The analyst community views the stock as a Moderate Buy and assign an average price target of $235.19 per share.
Boeing shares have been hit hard from the beginning of the year as its stock plunged more than 70%. (See Boeing’s stock analysis on TipRanks). Boeing will hold its virtual annual shareholder meeting on April 27.
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