Boeing plans to relocate its Virginia headquarters from Chicago

Boeing announced Thursday that it would move its headquarters to Arlington, Virginia from Chicago, where it has been based for more than two decades.

The choice of Arlington, across the Potomac River from Washington, underscores the importance of the federal government and its regulatory bodies to Boeing, which is a major military contractor as well as a major manufacturer of commercial aircraft. The company moved its Defense, Space and Security unit to the Washington area from St Louis in 2017.

“The region makes strategic sense to our global headquarters given its proximity to our customers and stakeholders and its access to world-class engineering and engineering talent,” said Dave Calhoun, CEO of Boeing in a statement. The company, which did not provide a timeline for its move, said it plans to set up a research and technology center in Northern Virginia.

The move follows efforts by Boeing, the leading US exporter, to cut costs. The company sold it a number of unused office parks, warehouses and land last year, including commercial aircraft headquarters in Seattle for $ 100 million.