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Archer Aviation To Acquire Three Boeing Aerospace Units
Boeing will take an equity stake in Archer as it sheds noncore businesses to focus on commercial airplanes, defense and space.
- Boeing is selling three subsidiaries—Wisk Aero, SkyGrid, and Insitu—to Archer Aviation in exchange for an undisclosed stake, allowing Boeing to focus on core commercial airplanes, defense, and space operations.
- Since taking over in Aug, CEO Kelly Ortberg has been streamlining the aerospace giant to improve its three primary businesses, emphasizing the need to "reset priorities and create a leaner, more focused organization."
- Archer CEO Adam Goldstein said the acquisition is the "next big step forward in becoming a diversified platform, rapidly growing our revenue base and bringing scale to our business." Both companies stand to benefit from Wisk's autonomous technology.
- Targeting commercial VTOL flights later this year or early next year, Archer is the Official Air Taxi Provider of the LA28 Olympic Games, positioning itself as urban air mobility accelerates.
- Shares of Archer trade at $5.59, down 42.96% over the past year, as the company faces cash burn and the need to launch commercial service to justify reaching a $10 price target.
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The Oregonian+2 Reposted by 2 other sources
Boeing is selling flying taxi venture Wisk, WA-based Insitu to Archer
Boeing is selling three subsidiaries to Archer Aviation, a California-based company working on so-called flying taxis, drones and artificial intelligence, according to a joint news release from both companies Monday.
·Portland, United States
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Boeing sells Wisk flying taxi, drone units to Archer
Boeing will take an almost 20% stake in Archer and enter into a technology-sharing arrangement, through which Boeing will retain access to the Wisk core autonomous flight technology for its current and next-generation commercial and defense aircraft.
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Total News Sources77
Leaning Left8Leaning Right10Center24Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 19%
C 57%
R 24%
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