THE BOEING COMPANY
The Boeing Company is an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and missiles worldwide. The company also provides leasing and product support services. Boeing is among the largest global aircraft manufacturers; it is the fifth-largest defense contractor in the world based on 2017 revenue, and is the largest exporter in the United States by dollar value. Boeing stock is included in the Dow Jones Industrial Average.
Boeing was founded by William Boeing on July 15, 1916, in Seattle, Washington. The present corporation is the result of merger of Boeing with McDonnell Douglas on August 1, 1997. Former Boeing's chair and CEO Philip M. Condit continued as the chair and CEO of the new Boeing, while Harry Stonecipher, former CEO of McDonnell Douglas, became the president and chief operating officer of the newly merged company. The Boeing Company has its corporate headquarters in Chicago, Illinois. The company is led by President and CEO Dennis Muilenburg. Boeing is organized into five primary divisions: Boeing Commercial Airplanes (BCA); Boeing Defense, Space & Security (BDS); Engineering, Operations & Technology; Boeing Capital; and Boeing Shared Services Group. In 2017, Boeing recorded $93.3 billion in sales, ranked 24th on the Fortune magazine "Fortune 500" list (2018), ranked 64th on the "Fortune Global 500" list (2018), and ranked 25th on the "World's Most Admired Companies" list (2018)
In March 1910, William E. Boeing bought Heath's shipyard in Seattle on the Duwamish River, which later became his first airplane factory. Boeing was incorporated in Seattle by William Boeing, on July 15, 1916, as "Pacific Aero Products Co". Boeing was later incorporated in Delaware; the original Certificate of Incorporation was filed with the Secretary of State of Delaware on July 19, 1934. Boeing, who studied at Yale University, worked initially in the timber industry, where he became wealthy and learned about wooden structures. This knowledge proved invaluable in his subsequent design and assembly of airplanes. The company stayed in Seattle to take advantage of the local supply of spruce wood. Boeing's first logo Boeing's original logo One of the two "B&W" seaplanes built with the assistance of George Conrad Westervelt, a U.S. Navy engineer, took its maiden flight on June 15, 1916. Boeing and Westervelt decided to build the B&W seaplane after having flown in a Curtiss aircraft. Boeing bought a Glenn Martin "Flying Birdcage" seaplane (so called because of all the guy-wires holding it together) and was taught to fly by Glenn Martin himself. Boeing soon crashed the Birdcage and when Martin informed Boeing that replacement parts would not become available for months, Boeing realized he could build his own plane in that amount of time. He and his friend Cdr. G.C. Westervelt agreed to build a better airplane and soon produced the B&W Seaplane. This first Boeing airplane was assembled in a lakeside hangar located on the northeast shore of Seattle's Lake Union. Many of Boeing's early planes were seaplanes.