Yahoo Finance Boeing pledges $100 million for families affected by deadly 737 Max crashes
Boeing (BA) is setting aside $100 million to help the families of the victims from the two tragic 737 Max crashes that killed over 300 people.
Boeing said the funds, dispersed over multiple years, will help finance “education, hardship and living expenses” for families and communities affected by the crash.
"We at Boeing are sorry for the tragic loss of lives in both of these accidents and these lives lost will continue to weigh heavily on our hearts and on our minds for years to come. The families and loved ones of those on board have our deepest sympathies, and we hope this initial outreach can help bring them comfort," said Dennis Muilenburg, Boeing chairman, president and CEO, in a press release on Wednesday.
The company also said its employees can make donations to the relief money, which Boeing will match through the end of 2019.
In October 2018, Lion Air Flight 610, a Boeing 737 Max 8, crashed near Indonesia killing all on board. Months later in March 2019, Ethiopian Airlines Flight 302, also a Boeing 737 Max 8, went down in Ethiopia, killing all on board.
The tragic crashes led to a worldwide grounding of the 737 Max. The U.S. airlines that fly the jet include Southwest Airlines (LUV), American Airlines (AAL) and United Continental (UAL).
"We know every person who steps aboard one of our airplanes places their trust in us. We are focused on re-earning that trust and confidence from our customers and the flying public in the months ahead,” Muilenberg noted.
Boeing is reportedly working with the Federal Aviation Administration on a software update for the grounded 737 Max jet.
Scott Gamm is a reporter at Yahoo Finance. Follow him on Twitter @ScottGamm.
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