The decision to ground all Boeing 737 Max planes could cost the company billions of dollars.
The company said Wednesday it recommended the FAA issue a temporary operations suspension of all 737 Max planes. Boeing had for days resisted a suspension, even as aviation authorities around the world grounded their 737 Max aircraft following the second deadly crash of a 737 Max 8 plane in less than five months.The cost of grounding all 737 Max planes could be between $1 billion and $5 billion, according to estimates from Wall Street firms Melius Research and Jefferies.
Boeing CEO Dennis Muilenburg said in a statement Wednesday that the company took the"proactive step" to ground the 737 Max planes"out of an abundance of caution." "Safety is a core value at Boeing for as long as we have been building airplanes; and it always will be," Muilenburg said."There is no greater priority for our company and our industry.
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