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Boeing to ink China deal
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October 1, 2001: 4:53 p.m. ET
Aerospace giant plans to sign contract with Chinese officials Tuesday
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NEW YORK (CNNfn) - Boeing Co. on Tuesday will sign a "major purchase agreement" with China on Tuesday, the U.S. Commerce Department said Monday.
In a brief press release, the Commerce Department said Commerce Secretary Don Evans will host a signing ceremony for Boeing (BA: down $1.10 to $32.40, Research, Estimates) and Chinese officials at 1 p.m. ET in Washington, D.C. However, it gave no further details of the agreement.
Other expected attendees of the ceremony include members of Congress, China's Vice Chairman for State Development Planning Commission Zhang Guo Bao and Alan Mulally, CEO of Boeing's Commercial Airplane Group.
Late last month, Boeing, which said it expects to remain profitable despite the sharp decline in demand for new aircraft in the wake of the Sept. 11 terrorist attacks on the United States, said it was preparing to provide 20 new jets to an unspecified customer, worth more than $1 billion at list prices.
The company said it received orders for 11 of its 737 jets and nine 767 jets, but did not release the identity of the buyer or buyers. Four of the 737s replace a previous order for four 767s.
Last month, Boeing announced a plan to cut up to 30,000 jobs in response to the slowdown in the air transport industry following the terrorist attacks, which have prompted many commercial air carriers to defer their new aircraft purchases.
Boeing's Seattle-based commercial jet unit has announced deliveries will fall below forecasts for 2001 and 2002 and could continue to slide into 2003. In 2002 Boeing projects just more than 400 deliveries, down from a previous forecast of 510-to-520, with the downward trend likely to continue in 2003. Boeing has said it expects to deliver as few as 500 new jetliners in 2001 
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