Aerospace and defense giant Boeing Co.'s (BA) board of directors has given approval to its commercial airplanes unit to start selling a new version of its long-range 777 jetliner, the Wall Street Journal reported Wednesday, citing a person familiar with the decision.
According to the WSJ report, the decision was taken at a board meeting in Chicago that coincided with Boeing's annual shareholder meeting on Monday. The decision enables Boeing to formally commence negotiating deals with airlines for the new jet, dubbed the 777X.
Boeing hopes the new jet will extend the life of one of its best-selling twin-aisle jetliners, the 777 model.
The company is likely to offer the new 777X in two or three versions with a longer body, carbon-fiber composite wings and powered by General Electric Co. (GE) engines. The new jet is said to be Boeing's answer to the Airbus A350, which is scheduled to enter service in 2014. Airbus is a unit of European Aeronautic Defence & Space Co. or EADS NV (EADSY, EADSF).
Boeing Chief Executive Jim McNerney reportedly said on Monday that he expects a formal launch of the 777X by the end of 2012 and to enter service later in the decade.
BA closed Wednesday's trading at $91.18, down $0.23 or 0.25 percent on a volume of 4.57 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.