Boeing expects $50M Globemaster charge in 1Q

Associated Press

Chicago-based 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 refueling.

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.