Clearly, the economic slowdown in Asia is driving air traffic down which impacts our customers' plans and operations, ... Our actions today will match production to market demand to support our customers.
The value of the Next-Generation 737 family continues to grow with the 737-700ER, and we are delighted to have ANA as the launch customer. This new 737 derivative is a great example of how Boeing helps our customers succeed by responding to new emerging airline business requirements.
a position on lump-sum wage payments that was even more extreme than its retirement demands.
The orders this year are ... an endorsement by the airlines of the world. What's being validated here is the Boeing Commercial Airplanes strategy for the last six years. That's the incredible story of 2005.
We have had a lot of sales in the U. S., but when a lot of the bigger guys finish their restructuring and come back, they are going to need more airplanes for growth and replacement.
We continued to stay focused on bringing efficiency and value to the airlines of the world through world-class services and airplanes that fly passengers how they want to fly -- point-to-point, non-stop, with more frequencies and more choices.
The total cost to Boeing is similar to the previous contract offer and meets our definition of a reasonable settlement.
It also supports our plan for making continued quality and productivity improvements, which is the key to being competitive and winning new business.
We also solidified the transformation of our product line, and the market validated our strategy with every order during the year. Our new portfolio of airplanes from 100 to 450 seats, combined with our global support services, put us in a great position for the long term.
Getting an agreement sooner rather than later is the right thing to do for our employees, customers, investors and our communities,
Clearly a strike would be devasting to the Boeing company and everybody associated with the Boeing company.
Our goal throughout these negotiations was to reach an agreement that worked for our employees and the company -- one that respected their contributions and enabled continued improvements in our competitiveness.
We believe this settlement provides what IAM-represented employees say they want in this contract, where they want it.
We profoundly regret that these actions will impact the lives of so many of our highly valued employees. However it is critical that we take these necessary steps now to size the Commercial Airplanes business to support the difficult and uncertain environment faced by our airline customers.
We would be absolutely walking away from our commitments to our customers, ... They bought the airplanes and are counting on receiving the airplanes. There is no way we could recover.
The interest for the airplane is phenomenal.
Boeing Commercial Airplanes is healthy and competitive. We have tremendous momentum in the market and a very bright future.
Having barely moved off their original positions, union negotiators were demanding more than 1 billion more than what was in our best and final offer.
The employees of Boeing are wise, and they are intelligent, and they are thoughtful, and they know what we need to do.
Our goal has been to work with SPEEA to reach a contract agreement that works for everyone with a stake in the future of Boeing,
We think it reflects a very fair and very competitive contract offer going forward.
We're very pleased with today's contract ratification by our machinists and look forward to their return to work,
I would anticipate (a first order for the passenger version of the 747-8) next year,
I feel very good about our production rate increase plan. It reflects all our lesson learned from the past. We have a very disciplined commitment and compliance process. ... We decided three times not to increase production rates faster. That's why we are not making up those 30 planes until we are absolutely on our way to making these rates changes, and then we will look later about going up even higher.
A strike would be devastating. It would hurt Boeing and our customers for many years out. Our customers have made it clear they have choices in the manufacturers they deal with.
The 737 is an icon of efficiency in air travel and one of commercial aviation's greatest success stories. We are absolutely thrilled that the world's largest 737 operator -- Southwest Airlines -- is the owner of this historic airplane. Our partnership with Southwest and hundreds of other 737 customers has resulted in continuous improvements to the 737 and its ability to help our customers be successful.
When we combine higher speed, longer range, the comfort of flight at higher altitudes, and the environmental benefits of quieter landings and takeoffs, we have an airplane that will open a new chapter in commercial aviation, ... We are changing our new product development efforts to focus more strongly on this airplane that has caused such excitement among our customers.
an industry-leading retirement plan.
We remain committed to the 747X family of airplanes despite Singapore Airlines' announcement today,
I think someday we will make another stretch, the 787-10, for sure, because it is so compelling economically.
We have worked very hard on our lean production system, which means we can make the transition in production rates with more stable employment. That is good for all of us. The more we can have stability and be able to go up and down in production rates with fewer changes is good for everybody and is very good for Boeing's competitiveness. And it is especially good for our employees.
I can't imagine 2006 being as large an order year as this one, but I think it will be a really good year.
Who's got the power We've got the power. Union power.
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