Air Force One subcontractor GDC countersues Boeing

[DearWallstreet.com] DWS Daily on Apr 17, 2021 EMAIL}/redirect [Air Force One subcontractor GDC countersues Boeing David Shepardson and Jeff Mason]( Image]( By David Shepardson and Jeff Mason WASHINGTON (Reuters) - Air Force One subcontractor GDC Technics countersued Boeing Co on Friday seeking at least $20 million after the largest U.S. airplane manufacturer canceled contracts for work on the aircraft that carries the U.S. president. Boeing said in its suit filed April 7 that Texas-based GDC failed to complete interior work on the two heavily modified 747-8 Air Force One planes and is "roughly one year behind schedule in meeting its contractual obligations." GDC's counterclaim argues it is "Boeing's mismanagement of the completion of two Air Force One presidential aircraft, not delays caused by GDC, that has caused a delay in the completion of those aircraft." A Boeing spokeswoman on Saturday declined to comment on GDC's filing. Boeing chose to utilize existing aircraft for the two replacement Air Force One aircraft rather than new planes, GDC said. "Because of its problems with engineering, program management, and its own financial difficulties, Boeing has fallen behind in the project schedule for the aircraft. Boeing looked to GDC as a scapegoat to excuse its lack of performance on the aircraft to the United States Air Force," GDC said, adding Boeing's "false" statements have damaged its reputation with the Air Force "and the aviation industry worldwide." Boeing's suit says GDC's delays "have resulted in millions of dollars in damages to Boeing and threaten to jeopardize work that is of critical importance." In July 2018, Boeing received a $3.9 billion contract to build two 747-8 aircraft for use as Air Force One, due to be delivered by December 2024. A Boeing spokeswoman said on April 8 the planemaker still planned to meet the Air Force's delivery schedule. The Boeing 747-8s are designed to be like an airborne White House, able to fly in worst-case security scenarios such as nuclear war, and are modified with military avionics, advanced communications and a self-defense system. (Reporting by David Shepardson; Editing by Aurora Ellis) [Renault seeks to generate 1 billion euros from 'circular economy' by 2030]( PARIS (Reuters) - French automaker Renault will seek to generate more than 1 billion euros ($1.2...([Continue Reading]( EMAIL}/redirect [Swiss billionaire Wyss decides to drop out of bid for Tribune - Bloomberg, NYT]( (Reuters) - Swiss billionaire Hansjoerg Wyss has decided to drop out of a group that was bidding...([Continue Reading]( [Italy industry minister welcomes end of talks on CNH's Iveco sale to China's FAW]( ROME (Reuters) - Italian Industry Minister Giancarlo Giorgetti on Saturday welcomed the end of t...([Continue Reading]( EMAIL}/redirect GENERAL NOTICE AND DISCLAIMER - PLEASE READ CAREFULLY THE FOLLOWING NOTICE AND DISCLAIMER MUST BE READ AND UNDERSTOOD AND YOU MUST AGREE TO THE TERMS CONTAINED THEREIN BEFORE USING THIS WEBSITE OR SUBSCRIBING TO OUR NEWSLETTER.This is a PAID ADVERTISEMENT provided to customers/subscribers of dearwallstreet. Although we have sent you this email, dearwallstreet does NOT specifically endorse this product nor is it responsible for the content of this message. Furthermore, we make no guarantee or warranty about what is advertised above. DISCLAIMER: In accordance with Section 17(b) of the Securities Act of 1933, you are hereby advised that dearwallstreet. "DWS" is receiving a fee of over $1000.00 in cash, from an independent third party as compensation for the distribution of this message. DWS has not determined if the statements and opinions of the advertiser are accurate, correct or truthful. The purpose of this message, like any advertising, is to provide publicity for the advertising company, its products or services. You should not rely on the information presented; you should do independent research to form your own opinion and decision. Information contained in our disseminated emails does not constitute investment, legal or tax advice upon which you should rely. The purchase of high-risk securities may result in the loss of your entire investment. Advertisements received by you are not a solicitation or recommendation to buy securities of the advertised company. An offer to buy or sell securities can be made only by a disclosure document that complies with applicable securities laws and only in the States or other jurisdictions in which the security is eligible for sale. Advertisements distributed through disseminated emails are not disclosure documents. If you are considering purchasing any securities of an advertised company, you should call your State Securities Administrator to determine if the security may be sold in your State. Many companies have information filed with State securities regulators who may be able to supply you with additional information. You also should read and review, if and to the extent available, any information concerning an advertised company available at the web sites of the U.S. Securities and Exchange Commission (the "SEC") at and the Financial Industry Regulatory Authority (the "FINRA") at . We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud at as well as related information published by the NASD on how to invest carefully. You are responsible for verifying all claims and conducting your own due diligence. You agree and acknowledge that any hyperlinks to the website of (1) an advertised company, (2) the party issuing or preparing the information for the advertised company, or (3) other information contained in our disseminated emails is provided only for your reference and convenience. We are not responsible for the accuracy or reliability of these external sites, nor are we responsible for the content, advertising, opinions, products or other materials on external sites or information sources. If you use, act upon or make decisions in reliance on information contained in any disseminated email or any hyperlink, you do so at your own risk and agree to hold us, our officers, directors, shareholders, affiliates and agents harmless. You acknowledge that you are not relying on us, and we are not liable for, any actions taken by you based on any information contained in any disseminated email or hyperlink. You also acknowledge that we are not an investment advisory service, a broker-dealer or an investment adviser. You acknowledge that you will consult with your own advisers regarding any decisions as to any advertised company. dearwallstreet.com is affilated with interactiveoffers.com. Rua Frei Tomé de Jesus n. 18 1 dto. Lisboa Lisboa 1700-215 PORTUGAL [Unsubscribe]( | [Change Subscriber Options](