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Kayes Travel on S. government’s indirect aid (via military contracts). After the 1997 merger with McDonnell Douglas, shareholders did not see the synergies that were expected and, in fact, Boeing recorded its worst performance for 50 years in 1997. This was mainly due to losses in civil aircraft arising from the phasing out of MD’s airplanes, the relative neglect by Boeing’s own management of their civil business in order to focus on expanding the military side, escalating production costs and inefficiencies, as well as the increasing competition from Airbus. As the crisis deepened, Boeing attempted to return to profitability in 1998 by changing top management, reorganizing the two major product groups and introducing radical cost-cutting measures, including cutting R&D expenditure. In addition, Boeing chose not to invest in designing a new plane to compete with Airbus’ new super-jumbo jet, the A380, but instead to focus on short-haul flights. Boeing also relocated their headquarters from Seattle to Chicago. Kayes Travel 2016.

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