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The Boeing Company is a major aerospace and defense corporation, founded by William E. Boeing in Seattle, Washington. Boeing has expanded over the years, merging with McDonnell Douglas in 1997. Boeing Corporate headquarters has been in Chicago, Illinois since 2001. Boeing is the largest global aircraft manufacturer by revenue, orders and deliveries, and the third largest aerospace and defense contractor in the world based on defense-related revenue. Boeing is the largest exporter by value in the United States. Its stock is a component of the Dow Jones Industrial Average. Boeing was incorporated in Seattle, Washington by William E. Boeing, on July 15, 1916, as "Pacific Aero Products Co." following the June 15 maiden flight of one of the two "B&W" seaplanes built with the assistance of George Conrad Westervelt, a U.S. Navy engineer. Many of Boeing's early planes were seaplanes. On May 9, 1917, the company became the "Boeing Airplane Company". William E. Boeing had studied at Yale University and worked initially in the timber industry, where he became wealthy and acquired knowledge about wooden structures.