Boeing Announces $48 Mln Charitable Grants Package

(RTTNews) - Boeing said it plans to donate more than $48 million to charity this year. The aerospace and defense manufacturer's 2019 charitable grants package will support 404 charitable organizations in 50 countries.

With the latest investment, Boeing is on track to surpass corporate giving of $230 million in 2019. This sum includes not only charitable giving, but also company business contributions, employee giving, and employee gift match.

In November last year, Boeing had announced $55 million in charitable grants and noted that its corporate giving will exceed $230 million in 2018.

Boeing said its employees will donate nearly $40 million to charitable causes in 2019, taking the total employee giving to more than $350 million over the last decade.

According to the company, its corporate giving is focused on increasing access to globally competitive STEM learning in under-served and underrepresented communities, improving technical workforce skills as well as supporting military families and veterans.

Boeing projects demand for 804,000 new civil aviation pilots and 769,000 new maintenance technicians to fly and maintain the world's fleet over the next 20 years.

To build an aviation talent pipeline so as to meet the workforce demand, the company's 2019 charitable grants package includes $8 million for science, technology, engineering and math or STEM education and workforce development programs.

Boeing said it will invest $800,000 to launch the first Newton Flight Academy in Turkey in 2020. This funding follows the company's previous $5 million investment and successful launch of Newton Europe in Spain and Poland in 2019.

The Newton Flight Academy teaches aviation-related STEM skills to secondary school students through hands-on application of the math and physics of flight. Boeing noted that the investment will help fund a permanent, experiential classroom that includes three full-motion Boeing flight simulators.

Boeing's donations this year also included a previously announced $10 million investment for veterans' recovery and rehabilitation programs and help them transition back into the workforce.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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