The Boeing Co. has received federal certification on its 747-8 passenger plane, paving the way for it to deliver the revamped jumbo jet early next year. On Wednesday, the Federal Aviation Administration signed off on the 747-8 passenger plane, certifying the aircraft is safe to fly commercially. European aviation officials are expected to certify the jumbo jet on Thursday. “This is a great achievement for Boeing and for the 747-8 program,” Jim Albaugh, president of Boeing’s commercial airplanes division, said in a statement. Boeing has dubbed its upgraded passenger plane the 747-8 Intercontinental. The jet maker already received certification on a freighter version of the aircraft and delivered the first 747-8 freighter in October.
Local companies to build new state ferry
Companies in Everett and Whidbey Island will help build the state’s new 144-car ferry, US Fab announced Wednesday. The team will include Vigor Marine of Everett, the former Everett Shipyard; Nichols Bros. Boat Builders on Whidbey, Jesse Engineering of Tacoma; and Eltech Electric of Seattle. The multi-company, multi-town approach supports more than 500 direct jobs around Puget Sound, including many new workers, and will support an estimated 2,000 additional indirect jobs in the state, said US Fab, a new-build subsidiary of VIGOR Industrial.
Everett port to refurbish cranes
The Port of Everett will spend nearly $1 million to replace the field controls for its two major container cranes on the waterfront. The port commission agreed to pay Autron Industrial Automation $998,580 for the work, expected to keep the older cranes operating efficiently for another five to 10 years. One crane will be refurbished in May, the other in June.
Costco CEO pay drops 38 percent in 2011
Costco Wholesale Corp. CEO James Sinegal saw his compensation fall 38 percent to about $2.2 million for the company’s 2011 fiscal year, according to a regulatory filing. The executive had total compensation valued by the company at $3.5 million in fiscal 2010. Costco, the nation’s biggest wholesale club operator, maintained Sinegal’s fiscal 2011 salary at $350,000 and increased his bonus by 4 percent to $198,400, according to documents filed with the Securities and Exchange Commission. Costco has seen its profitability grow during the economic downturn as it focused on prices and shoppers turned to its clubs for deals on food and necessities. The Issaquah-based company reported that its fiscal 2011 net income rose 12 percent to $1.46 billion, or $3.30 per share, while revenue climbed 14 percent to $88.92 billion. The 75-year-old Sinegal received stock and options with an estimated value of nearly $1.6 million, which was 46 percent lower than the approximately $2.9 million a year ago. He also received $81,206 in other perks like insurance premiums and a car allowance.
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