NEW YORK, N.Y. – Boeing will take a $50 million charge as it ends production of its C-17 Globemaster III and closes its last assembly facility in Long Beach, Calif.
The C-17 made its first flight in 1991. It is used to airlift tanks, supplies and troops and perform medical evacuations. It quickly became a war and disaster workhorse, prized for its ability to take-off and land at Spartan airstrips and cover intercontinental distances with a full load and without refuelling .
Based on market trends and the timing of orders, The Boeing Co., based in Chicago, says it will finish production of the last Globemasters in mid-2015 instead of late 2015. As a result, the company said Monday that its first-quarter results will include an inventory charge of about $50 million.