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Boeing Shares Decline Amid Suspension of Max 737 Production


Tue 17 Dec 2019 | 11:20 PM
Taarek Refaat

Boeing has announced that it will temporarily halt production of its "Max 737" aircraft, starting next January, prompting the stock to record significant losses.

This decision comes amid regulatory reviews that postponed the end of the process of stopping the use of this type of aircraft against the backdrop of the two fatal accidents, which claimed the lives of everyone on board of the "Max 737".

The American company said in a statement on its website that it will provide more financial information regarding considering the suspension of production when it discloses the results of its quarterly business next month.

The company attributed its decision to suspend production of the "Max 737" aircraft to many factors, such as the uncertainty about the timing of the return of this model to service.

The airline was already forced to postpone their plans to return to the use of the "Max" fleet until next March, which means a full year halt after the second accident.

According to the statement, there are about 400 new Max planes inside Boeing's facilities awaiting delivery when regulators give their final decision on this type.

The shares of the American company closed yesterday's session, declining by about 4.3 percent at the level of $ 327, after reports suggesting that the company suspended the production of "737 Max" aircraft.

Boeing shares also fell more than 1.2 percent recording $ 323.92 at the end of today's trading