Boeing To Move Headquarters To Virginia From Chicago

Boeing Co (BA) said that it will move its headquarters to Arlington, Virginia, from Chicago.

The move comes amid Boeing struggles with financial burdens related to the 737 Max and the coronavirus pandemic's effect on travel. Recently, the company had reported first-quarter net loss attributable to shareholders of $1.24 billion, sharply wider than $561 million in the year-ago quarter.

Boeing moved its headquarters to Chicago in 2001, from Seattle.

The Aerospace giant said Thursday that it plans to establish a research and technology hub in Northern Virginia. The hub will focus on developing innovations in the areas of cyber security, autonomous operations, quantum sciences and software and systems engineering.

"We are excited to build on our foundation here in Northern Virginia. The region makes strategic sense for our global headquarters given its proximity to our customers and stakeholders, and its access to world-class engineering and technical talent," said Boeing President and Chief Executive Officer Dave Calhoun.

The company noted that it will maintain a significant presence at its Chicago location and surrounding region.

The company's three business units will continue to be based at their current headquarters, which include Boeing Commercial Airplanes in Seattle, Wash; Boeing Global Services in Plano, Texas; Boeing Defense, Space and Security in Arlington, Virginia, Boeing said.

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