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Boeing Plans to Spend $1B, Hire 2,000 in This U.S. City

The company has also purchased 320 acres of land in the area


BoeingJust a day after European rival Airbus broke ground on its first U.S. manufacturing facility, Boeing (NYSE:BA) announced an expansion of its South Carolina production plants.

On Tuesday, Boeing said it would spend $1 billion to expand its facilities in Charleston. The company acquired factories in the area in 2008 and has constructed an assembly plant to make 787 Dreamliner jets. The new investment is expected to add 2,000 jobs, the Post and Courier notes.

Boeing Still Faces Lots of Headwinds
Boeing Still Faces Lots of Headwinds

In March, Boeing acquired an additional 320 acres of land in Charleston, but has given no hint of its plans for the property.

On Monday, Airbus, a division of European Aeronautic Defence and Space Company (EADS), began construction of a production plant in Mobile, Ala., the company’s first manufacturing facility on Boeing’s home soil.

Last month, Boeing announced that it was testing new lithium-ion battery systems on its grounded Dreamliner jets and hoped to persuade regulators to clear the jets to resume service within weeks.

Shares of Boeing climbed more than 1% in Wednesday morning trading.

Article printed from InvestorPlace Media,

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