Boeing eyes Asia, MidEast to boost revenue

A top Boeing executive says growing demand in Asia and the Middle East for military aircraft will help offset possible spending cuts in the Europe and the US.

A top Boeing executive says growing demand in Asia and the Middle East for military aircraft will help offset possible spending cuts in the Europe and the US.

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Boeing Defense, Space and Security chief executive Dennis Muilenberg told reporters on Friday in Singapore that sales outside the US will likely account for about 25% of the company's revenue by 2013, up from 17% in 2010.

Muilenberg said that austerity measures to lower government debt will likely reduce military spending in Europe and leave US expenditures flat for the next several years.

Muilenberg said that the company's worldwide defense revenue growth will likely be modest in 2011.

About half of Boeing's $64 billion of revenue in 2010 came from defense sales.