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Boeing Global Services may seek acquisitions to achieve revenue target, CEO says

Boeing Global Services may look into acquisitions in its bid to triple its annual revenue to $50 billion in as little as five years, CEO Stan Deal told Reuters during the 2018 Singapore Air Show.

"Over the next five to 10 years we are going to accomplish that as a stretch objective," Deal said, adding that the initiative will "clearly involve" acquisitions, particularly in the areas of aircraft interiors and data analytics.

The company, part of aeronautics giant Boeing Co., is seeking to raise revenue in its services business, which involves jet maintenance, repair and overhaul, data analytics and pilot training.

Revenue increased 5.5% to $14.6 billion in 2017, and the growth rate is projected to be even higher in 2018, Deal told Reuters. The division's revenue is evenly split between military coverage and commercial services, but he expects that, over time, the balance will shift toward commercial services.

Global Services signed Japan’s ANA Holdings Inc., Malaysia Airlines and cargo group DHL during the event, Reuters reported.