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The Boeing Company (/"bo".""/ BOH-ing) (NYSE: BA) is an American multinational aerospace and defense corporation. Founded in 1916 by William E. Boeing in Seattle, Washington, the company has expanded over the years, and merged with McDonnell Douglas in 1997. Boeing moved its corporate headquarters from Seattle to Chicago, Illinois, in 2001.[2] Boeing is made up of multiple business units, which are Boeing Commercial Airplanes (BCA); Boeing Defense, Space & Security (BDS); Engineering, Operations & Technology; Boeing Capital; and Boeing Shared Services Group.
Boeing is among the largest global aircraft manufacturers, and the second largest aerospace and defense contractor in the world based on defense-related revenue from 2011.[3] The company is the largest exporter by value in the U.S.,[4] and its stock is a component of the Dow Jones Industrial Average.
In March 1910, William E. Boeing bought Heath's shipyard in Seattle on the Duwamish River, which later became his first airplane factory.[5] Boeing was incorporated in Seattle by William Boeing, on July 15, 1916, as "Pacific Aero Products Co.". Boeing, who studied at Yale University, worked initially in the timber industry, where he became wealthy and learned about wooden structures. This knowledge would prove invaluable in his subsequent design and assembly of airplanes. The company stayed in Seattle to take advantage of the local supply of Spruce wood.[6]
William Boeing founded his company a few months after the June 15 maiden flight of one of the two "B&W" seaplanes built with the assistance of George Conrad Westervelt, a U.S. Navy engineer. 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.[7] 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.
On May 9, 1917, the company became the "Boeing Airplane Company". In late 1917, the U.S. entered World War I and Boeing knew that the U.S. Navy needed seaplanes for training. So Boeing shipped two new Model Cs to Pensacola, Florida where the planes were flown for the Navy. The Navy liked the Model C so much that they ordered fifty more.[8] The company moved its operations to a larger former shipbuilding facility known as Boeing Plant 1, located on the lower Duwamish River.
When World War I ended in 1918, a large surplus of cheap, used military planes flooded the commercial airplane market, and this prevented aircraft companies like Boeing from selling any new airplanes. Because of this, many airplane companies went out of business, but other companies, including Boeing, started selling other products. Boeing built dressers, counters, and furniture, along with flat-bottom boats called Sea Sleds.[8]
In 1919 the Boeing B-1 made its first flight. It was a flying boat that accommodated one pilot and two passengers and mail. Over the course of eight years, it made international airmail flights from Seattle to Victoria, British Columbia.[9] On May 24, 1920, the Boeing Model 8 made its first flight. It was the first plane to fly over Mount Rainier.[10]
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