Latest news with #ChrisRaymond
Yahoo
2 hours ago
- Business
- Yahoo
Boeing Plans No Further Changes to Global Services After Revamp
(Bloomberg) -- Boeing Co. has completed restructuring its Global Services business and isn't planning to make deeper cuts once it divests its Jeppesen unit later this year, the division's chief executive officer said. Security Concerns Hit Some of the World's 'Most Livable Cities' As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space As American Architects Gather in Boston, Retrofits Are All the Rage How E-Scooters Conquered (Most of) Europe Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown The planemaker isn't looking to auction off other businesses at the division, unit CEO Chris Raymond told reporters Tuesday at the Paris Air Show. The Jeppesen sale was initiated by Boeing CEO Kelly Ortberg shortly after he joined last year, as he faced a strike that had rapidly depleted the US planemaker's cash. Since then, the company has raised $24 billion in cash and begun the painstaking process of rebuilding its troubled manufacturing operations. Boeing also has no plans to fold the services unit, its only steady money-maker this decade, into the company's larger commercial airplane and defense operations, Raymond said. Analysts had widely speculated that Boeing Global Services might be dissolved to cut down on overhead, and that its disparate array of offerings, from spare-parts distribution to digital analytics and pilot training, might be pruned and sold after Ortberg unveiled plans to shrink Boeing last year. But the planemaker appears to be pulling out of its financial tailspin, as the tempo and quality of work in its factories improves. Boeing also got a larger-than-expected windfall from Jeppesen, which provides navigation and flight-planning products. It is being sold to private equity firm Thoma Bravo for $10.5 billion in a deal slated to close late this year. While Boeing would have preferred to keep the profitable business, the move was necessary to provide a financial cushion at a time when Boeing needed it. 'I think we've got the portfolio that we like,' Raymond said. 'Obviously, that was a valuable property in Jeppesen, and that was about the Boeing balance sheet, if you will.' For now, demand is booming for services tied to extending the commercial lives of jets, given a multi-year shortage of new aircraft. Boeing is seeing a surge of interest in refitting aircraft cabins with newer seats, and for the latest broadband service — particularly SpaceX's Starlink satellite system, Raymond said. The smallest of Boeing's three main businesses has been its steadiest performer in recent years: Global Services was the only division to post an operating profit in 2024, when the company posted an adjusted operating loss of $13.1 billion. The challenge for Raymond, who started in the role in January 2024, is to chart a new strategy without Jeppesen's profit cushion. Other digital offerings will continue to be a point of emphasis. But unlike in past eras, Boeing isn't pursuing growth only for growth's sake, Raymond said. The goal now? 'Disciplined, profitable growth,' he said. Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software US Allies and Adversaries Are Dodging Trump's Tariff Threats ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 hours ago
- Business
- Bloomberg
Boeing Plans No Further Changes to Global Services After Revamp
Boeing Co. has completed restructuring its Global Services business and isn't planning to make deeper cuts once it divests its Jeppesen unit later this year, the division's chief executive officer said. The planemaker isn't looking to auction off other businesses at the division, unit CEO Chris Raymond told reporters Tuesday at the Paris Air Show.
Zawya
9 hours ago
- Business
- Zawya
Boeing executive says don't expect any more big assets sales at this time
Boeing is not planning any more big asset sales at this time, Chris Raymond, the head of its global services business, said at the Paris Airshow on Tuesday. Battling to recover from a series of crises, CEO Kelly Ortberg has been selling non-core assets to reduce Boeing's debt. In April, the U.S. planemaker struck a deal in April to sell parts of its Digital Aviation Solutions business, including navigation unit Jeppesen, to private equity firm Thoma Bravo for $10.55 billion. (Reporting by Tim Hepher. Editing by Mark Potter)
Time of India
9 hours ago
- Business
- Time of India
Boeing executive says don't expect any more big assets sales at this time
Boeing is not planning any more big asset sales at this time, Chris Raymond , the head of its global services business, said at the Paris Airshow on Tuesday. Battling to recover from a series of crises, CEO Kelly Ortberg has been selling non-core assets to reduce Boeing's debt. In April, the U.S. planemaker struck a deal in April to sell parts of its Digital Aviation Solutions business, including navigation unit Jeppesen, to private equity firm Thoma Bravo for $10.55 billion.
