EVERETT — Nearly 65,000 Boeing Co. workers in Washington will receive a record $600 million in bonuses over the next two months, the company announced Tuesday.
The large payouts reward aerospace employees for helping Boeing deliver a record number of commercial airplanes and reach new highs in other categories for business performance in 2017, the company said.
“This just shows us that when we all work together, we can’t be beat,” Kevin McAllister, president and CEO of Renton-based Boeing Commercial Airplanes, said in a news release. “When we all work to drive safety, quality, flow and productivity, we all share in the value.”
The bonuses are being given to nearly all employees, excluding executives, Boeing spokesman Paul Bergman said.
Nearly half of Boeing’s worldwide workforce is in Washington. Other regions with Boeing jobs also will get bonuses, but those figures were not immediately available.
The February and March timeframe is routinely when bonuses are given out. By then, the company usually has been able to assess how well it met goals for the previous year.
“The bonuses are really linked to the great performance by the Boeing team and how we beat our plans for 2017,” Bergman said.
The head of the local International Association of Machinists and Aerospace Workers said the large payout was well deserved.
“We are proud of what our members do every day,” said IAM District 751 President Jon Holden. “Our members have shown they have earned this incentive pay and more by creating great value for this company with their hard work.”
Last week, Boeing announced record 2017 operating cash flow of $13.3 billion and that it had repurchased 46.1 million shares of stock for $9.2 billion.
It also reported revenue of $93.4 billion, reflecting a record 763 commercial deliveries.
Also on Tuesday, Boeing announced more than $900 million in business deals at the Singapore Airshow. The orders consist of aircraft parts, digital applications and planning tools.
“Predicted growth for aerospace services in the Asia-Pacific brings opportunities to partner with local industry to understand the region’s greatest needs … and then bring them to market quickly,” Stan Deal, president and chief executive of Boeing Global Services, said in a news release.
Eric Stevick: 425-339-3446; stevick@heraldnet.com.
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