Boeing and Airbus announced on July 1 that they had reached an agreement to share Spirit Aerosystems, an aerostructures supplier that is experiencing financial and quality problems.
Created from a Boeing division based in Wichita in 2005, Spirit will be repurchased by the US aerospace company for a value of US$4.7 billion.
Airbus revealed that it had reached an agreement on binding terms for a potential acquisition of activities such as “the production of A350 fuselage sections in Kinston, North Carolina, U.S., and St. Nazaire, France; of the A220’s wings and mid-fuselage in Belfast, Northern Ireland, and Casablanca, Morocco; as well as of the A220 pylons in Wichita, Kansas, U.S.”
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“We believe this deal is in the best interest of the flying public, our airline customers, the employees of Spirit and Boeing, our shareholders and the country more broadly,” said Boeing President and CEO Dave Calhoun. “By reintegrating Spirit, we can fully align our commercial production systems, including our Safety and Quality Management Systems, and our workforce to the same priorities, incentives and outcomes – centered on safety and quality.”
Boeing said the acquisition of Spirit Aerosystem will include commercial operations related to its jets, but also defense and aftermarket contracts.
Spirit is expected to sell some of its operations, including those in Belfast, Northern Ireland (non-Airbus operations), Prestwick, Scotland, and Subang, Malaysia.
The completion of the transaction with Boeing is expected in mid-2025, while Airbus still needs to complete due diligence before signing a definitive agreement.
The end of the impasse over the fate of Spirit Aerosystems will be a relief for the market and for the customers of the two airframers, faced with issues in the production rate of their commercial aircraft.
For Boeing, the solution is even more significant and removes, at least for now, one of the focuses of criticism of the current management of Dave Calhoun, who will step down as CEO at the end of the year.