The American aircraft manufacturer wishes to reintegrate into the group the activities of its supplier Spirit AeroSystems, implicated in a series of production problems on Boeing aircraft.
The American aircraft manufacturer Boeing will buy its subcontractor Spirit AeroSystems, in the hot seat because of a series of production problems on Boeing planes, for more than 4 billion dollars, according to press information published on Sunday.
The transaction will be all-stock, at a price of $37.25 per share, valuing the company at $4.7 billion, according to Bloomberg, citing sources close to the deal.
Boeing also plans to assume about $3.5 billion of Spirit’s debt as part of the deal, which could be announced as early as Monday, the people said.
A supplier under surveillance
The two companies confirmed preliminary discussions in early March with a view to this remarriage. Spirit AeroSystems, created in 2005 by Boeing, emerged from several of its activities grouped into an independent company.
Boeing is by far Spirit’s largest customer, 60% of whose revenues came from the American aircraft manufacturer in 2022. Spirit AeroSystems supplies it with fuselages in particular.
The company also works with European competitor Airbus, supplying it with wing elements and other parts.
Spirit AeroSystems has been under scrutiny since an incident on Jan. 5, when a fuel cap holder on an Alaska Airlines Boeing 737 MAX 9 came loose in mid-flight.
Non-compliance issues
On March 4, the US Federal Aviation Administration (FAA) indicated that “non-compliance issues” had been identified in the production control of Boeing and Spirit Aerosystems.
The manufacturer also reported, throughout 2023, production problems, some of which affected the fuselage, which reduced its production rate and deliveries.
Asked in late January on CNBC whether he considered, in hindsight, that the split had been ill-advised, Boeing CEO Dave Calhoun acknowledged that the group had “probably” gone too far.
