Dow 30 component Boeing (NYSE: BA) is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems.
Reportedly, American Airlines Group has reached a confidential agreement with Boeing Co to compensate damages the airline faced in 2019 due to the grounding of Boeing 737 MAX aircraft. The airlines informed that the damages will be received over several years and is not expected to show any major financial impact in its Q4 2019 earnings. Also, more than $30M of the compensation will be used for the employee profit-sharing program. The Association of Professional Flight Attendants, representing American Airlines’ 28,000 flight attendants, were reported to have welcomed the compensation news. A number of airlines have struck confidential settlements with Boeing in recent weeks.
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