Boeing to Suspend 737 Max Production Next Year

Well, that’s a wrap. After much anticipation that regulators might lift a flight ban on Boeing’s 737 Max planes, Boeing has decided to suspend production altogether.

Regulators revealed that they do not plan to lift a flight ban this year.

It’s been hundreds of millions of dollars lost for airlines since the planes were grounded in mid March after two planes experienced fatal crashes.

Boeing announced on Monday that it is planning to suspend production of its beleaguered 737 Max planes next month after the Federal Aviation Administration said its review of the planes would continue into next year.

Boeing also said that it does not plan to lay off or furlough workers at the Renton, Washington, factory where the 737 Max is produced during the production pause. Some of the 12,000 workers there will be temporarily reassigned.

“We know that the process of approving the 737 Max’s return to service, and of determining appropriate training requirements, must be extraordinarily thorough and robust, to ensure that our regulators, customers, and the flying public have confidence in the 737 Max updates,” Boeing said in a statement.

“The FAA and global regulatory authorities determine the timeline for certification and return to service. We remain fully committed to supporting this process. It is our duty to ensure that every requirement is fulfilled, and every question from our regulators answered.”

Disclaimer: We have no position in Boeing Co. (NYSE: BA) and have not been compensated for this article.