Boeing’s 737 production cut hits suppliers’ shares GlobeBusiness
Boeing’s decision to cut the production of its 737 aircraft hit the shares of its suppliers on Monday while its European rival Airbus rose.
Boeing’s decision knocked down the shares of aerospace groups involved in the 737, with Meggitt, Melrose and Safran all falling by between 1 per cent to 2.5 per cent.“If the lower rate endures through September 2019, the potential loss of revenue to Meggitt is $8.525m, perhaps somewhat more as we figure the monthly 737 MAX production rate was likely to rise towards 57 per month through 2019,” wrote analysts at brokerage Jefferies.
Production will be cut to 42 airplanes per month from 52 starting in mid-April, the company said in a statement, without giving an end date.
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