Boeing Sets Up New Aerospace Tech Hub At Florida

Boeing Co BA is set to inaugurate a new engineering hub at the Cici & Hyatt Brown Center for Aerospace Technology located at Embry-Riddle Aeronautical University in Daytona Beach, Florida.

The establishment aims to enhance engineering efforts primarily focused on military aviation programs and technology initiatives.

Steve Nordlund, Vice President and General Manager at Boeing Air Dominance, said, “Expanding both our footprint in Florida and partnership with Embry-Riddle will accelerate innovation across our combat aircraft programs.”

“We expect this location to be attractive to not only Embry-Riddle graduates, but also to established aerospace engineers from across Florida and around the nation.” 

Boeing’s ambitious agenda includes the creation of around 200 engineering positions in 2024, with plans to potentially double this number in the forthcoming years.

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The roles will predominantly support the company’s defense and government services sectors, focusing on design, research, and prototype development.

The upcoming facility spans 65,000 square feet, including a large 40,000-square-foot hangar.

Initiated in 2022, the construction is on track for completion this fall, with the site expected to be fully operational shortly thereafter.

In May, Boeing delivered 24 commercial aircraft, approximately half of the 50 jets supplied to customers in the same month last year, maintaining a slower assembly line pace.

The plane maker delivered 19 MAX jets in May, up from April but down 45% compared to May 2023 when it handed over 35 jets.

Boeing stock has lost more than 16% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Aerospace & Defense ETF ITA and Invesco Aerospace & Defense ETF PPA.

Price Action: BA shares closed lower by 2.43% at $185.50 on Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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