Boeing considers selling space business to address financial problems
According to a report by CCTV News citing The Wall Street Journal on Oct. 25, The Boeing Company is contemplating the sale of parts of its space business to alleviate its financial troubles.
Sources familiar with the matter revealed that Boeing might sell operations related to its Starliner spacecraft and support work for the International Space Station, which do not involve the division responsible for building space launch systems. In response to inquiries, Boeing stated that it does not comment on market rumors or speculation.
Boeing's Starliner spacecraft project has faced severe setbacks due to development delays and technical issues, incurring over US$1.8 billion in additional costs. Boeing was responsible for transporting two astronauts to the International Space Station; however, due to project delays, they remain in orbit and are scheduled to return in February next year aboard a SpaceX craft.
For years, Boeing has managed the construction and maintenance of modules for the International Space Station. However, with the station expected to be decommissioned in 2030, NASA is considering replacements built by other companies. Adding to the woes, a communication satellite manufactured by Boeing recently malfunctioned in space, disintegrated, and created a significant amount of debris, raising concerns about Boeing's capabilities in space business R&D and production.
Boeing is also currently dealing with a six-week strike involving 33,000 workers from its commercial airplane manufacturing sector.
Financial results disclosed by Boeing on Oct. 23 showed a loss of nearly US$6.2 billion in the third quarter, with total losses reaching nearly US$8 billion for the year. Also, on Oct. 23, striking workers voted against a new wage agreement, and the strike continues.
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