"We believe this decision is least disruptive to maintaining long-term production system and supply chain health," Boeing said in a release Monday.

Boeing did not say how long it expects production to be halted.

Until last week, Boeing was still hoping to get certification for the plane to fly again before the end of this year. But FAA administrator Stephen Dickson said last week there was no chance that certification process could be completed before the end of 2019.

The company has already said it will take until at least 2021 to deliver all the jets built since the grounding, as airlines cannot logistically or financially accept hundreds of additional planes all at once. Regulators also have to inspect each aircraft, adding to the delay.

For now, Boeing said it doesn't expect to have to lay off or furlough employees. Affected workers will either continue 737-related work or be temporarily assigned to other teams.

The company said it will provide financial information regarding the production suspension in January, when it announces its earnings for the last three months of 2019.

The halt in deliveries since March has been a tremendous cash drain to Boeing, which makes most of its revenue once a plane is delivered. At the same time, though, the halt will actually reduce the company's expenses while deliveries are suspended, although Boeing later will have to pay billions to its airline customers to compensate them for the cost of the grounding.

"Safely returning the 737 Max to service is our top priority,' the company said Monday. "We know that the process of approving the 737 Max's return to service, and of determining appropriate training requirements, must be extraordinarily thorough and robust, to ensure that our regulators, customers, and the flying public have confidence in the 737 Max updates ... We remain fully committed to supporting this process."