Boeing to Temporarily Halt Production of 737 Max in January

Plane maker takes extraordinary step as the return to flight of the troubled airplane model faces more delays.
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Boeing  (BA) - Get Report will halt production of its troubled 737 Max model in January as the plane’s return to flight faces further delays and inventories have built up.

The aircraft maker said it has about 400 737 Max aircraft in storage. 

The 737 Max was grounded worldwide in March following two fatal crashes involving the plane.

"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," the company said in a statement Monday. 

Boeing had continued making the plane while it worked to fix software implicated in the crashes. However, attempts to win regulatory approval to return it to flight have been repeatedly delayed.

Boeing said it doesn't currently anticipate furloughs and "affected employees will continue 737-related work, or be temporarily assigned to other teams in Puget Sound."

Boeing shares fell $2.65, or 0.81%, to $324.35 in after-hours trading. The stock lost 4.3% in the regular session.