Boeing eyes Asia, Mideast demand to boost revenue

[AsahinaKimi]

SINGAPORE (AP) -- Boeing Co. is counting on growing demand in Asia and the Middle East for military aircraft to help offset possible spending cuts in Europe and the U.S., a top company executive said Friday.

Austerity measures to help lower government debt will likely reduce military spending in Europe and leave U.S. expenditures flat for the next several years, said Dennis Muilenberg, chief executive of Boeing's defense, space and security unit.

"It's certainly a challenging environment," Muilenberg told reporters in Singapore. "Our growth prospects are somewhat muted. We anticipate steady, moderate growth in our defense business."

Boeing is hoping to boost defense sales outside the U.S. to about 25 percent of its revenue by 2013, up from 17 percent last year and 7 percent in 2006. About half of Boeing's $64 billion of revenue last year came from defense sales.

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