:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2162061618-146020d5001b4f478b05bed2cec59d06.jpg "A Boeing 787-9 Dreamliner is seen in a production facility.")
Jennifer Buchanan / Paddling pool / AFP / Getty Images
Key Takeaways
- Boeing said it would invest $1 billion in expanding its operations in South Carolina, where it constructs the 787 Dreamliner.
- The company is looking to increase production of the plane to 10 per month by 2026, with expansions to the South Carolina facilities online by advanced 2027.
- Boeing has faced a number of production issues this year, including a nearly two-month strike at its Washington facilities.
Boeing (BA) is establishing $1 billion in expanding its facilities in South Carolina to ramp up production of the 787 Dreamliner.
The airplane manufacturer broke late Thursday that it expects to produce 10 Dreamliner planes per month by 2026, and said the upgrades to the South Carolina system should be completed by early 2027. The company said the project will create roughly 500 jobs over the next five years.
Boeing has been wracked with putting out issues this year, from the forced slowing of production following a series of safety incidents to start the year, to a get nowhere at its Washington plants that lasted nearly two months and ended in November.
The company made cost-cutting moves listing thousands of layoffs during the strike. Boeing reportedly only recently resumed production of the 737 Max series of horizontals just over a month after the strike ended, with a current order backlog of over 4,000 skates, according to Reuters.
Boeing shares were little changed Friday morning. They are down about 35% this year.