Ethiopian Airlines To Produce Aircraft Parts In Association With Boeing: Report

Ethiopian Airlines will likely begin manufacturing aircraft parts in a venture with The Boeing Company BA involving a $15 million initial cost.

The investment opportunity is expected to create job opportunities for about 300 Ethiopians, Reuters reported, citing the Ethiopian Investment Commission (EIC).

The investment is a part of Ethiopian Airlines’ manufacturing plan that was chalked out in 2009.

The Ethiopian Investment Commission, Ethiopian Airlines and the local state Industrial Parks Development Corporation have signed a Memorandum of Understanding (MoU) in this regard.

The report noted said the venture will make aerospace parts, including aircraft thermo-acoustic insulation blankets, electrical wire harnesses, and other parts.

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Price Action: BA shares are trading lower by 0.15% at $224.20 on the last check Friday.