Boeing has announced that it will buy back Spirit AeroSystems, a manufacturer of parts for its 737 and 787 planes, in an $4.7 billion all-stock deal. The move is aimed at enhancing aircraft production and comes after months of negotiations between the two aerospace companies.
Boeing’s ongoing safety crisis has been a major factor in the decision to bring Spirit Aero back under its umbrella. Boeing’s stock has fallen more than 27% this year due to manufacturing issues that have impacted the aviation industry. Instances of manufacturing problems, such as loose bolts found during safety reviews of Boeing 737 Max 9 planes owned by United Airlines and Alaska Airlines, have led to increased scrutiny of Boeing’s manufacturing process.
Spirit Aero was previously a subsidiary of Boeing before being spun off in 2005. This deal brings it back under the company’s ownership and will improve aircraft production. Additionally, Spirit Aero’s Europe-focused operations will be sold to Airbus, a competitor of Boeing.
While this acquisition is being finalized, Boeing is also in discussions with the Justice Department about a plea deal to resolve potential fraud charges related to two fatal crashes that occurred in 2018 and 2019. Officials found that Boeing violated a deferred prosecution agreement related to these crashes. Details of the plea deal and the outcome of the acquisition deal with Spirit Aero are expected to be revealed soon.
The Fagen Fighters World War II Museum in Granite Falls, Minnesota is a unique tribute…
Nebraska Cornhuskers head coach Matt Rhule is taking his team's Week 2 matchup against the…
The Warriors made a strong effort to acquire Paul George during the offseason, but ultimately…
In the coming month, CHI Mercy Health and Centennial Medical Group in Roseburg will be…
Finland's Wind Power Association has predicted that wind power will become the largest form of…
In its latest list of the best U.S. cities to live in for 2024, U.S.…