Boeing exec says 787 on track, eyeing defense acquisitions

Though Boeing’s 787 Dreamliner has been riddled by delays, its process has stabilized and first flight is expected before the end of June, according to Chief Executive Jim McNerney in addressing an investor meeting. He also said the aerospace giant is on the lookout to buy struggling defense firms.

Boeing’s Dreamliner program is running two years behind schedule as the company wrestled with supply chain and technical issues, forcing it to boost spending and bring more work in-house. But McNerney says the long-haul, fuel-efficient commercial aircraft, is “on track” for a maiden test flight before the end of next month, with first deliveries in the 2010 first quarter.

McNerney said that although Boeing’s main strategy is organic growth, the company was open to “defense MAs to focus on small, medium-sized deals.”