ARLINGTON, Va. — Boeing has announced plans to acquire Spirit AeroSystems for $4.7 billion in an all-stock transaction for the manufacturing company, which was already part of the aerospace company’s supply chain.
Boeingbased in Arlington, Virginia, announced the purchase in a statement late Sunday.
The equity value of the $4.7 billion acquisition is $37.25 per share, while the total value of the deal is approximately $8.3 billion, including Spirit’s last reported net debt, the aerospace company said.
Spirit, based in Wichita, Kansas, produces key components for Boeing aircraft. Spirit also announced the acquisition on its website and social media.
“We believe this deal is in the best interests of the flying public, our airline customers, Spirit and Boeing employees, our shareholders and the nation at large,” Boeing President and CEO Dave Calhoun said in the statement.
Boeing previously owned Spirit, and the aerospace company said returning the supplier to Boeing would improve the quality and safety of planes, a move that has come under increasing scrutiny from regulators, Congress and airlines.
“By reintegrating Spirit, we can fully align our commercial manufacturing systems, including our safety and quality management systems, and our employees with the same priorities, incentives and outcomes – focused on safety and quality,” Calhoun said.
The purchase of Spirit would reverse a long-standing Boeing strategy of outsourcing key work on its passenger jets. That approach has been criticized as problems at Spirit disturbed production and supply of popular Boeing jets, including the 737 and 787.
Concerns about safety came to a head after the Jan. 5 blowout of a panel on an Alaska 737 Max 9 at 15,000 feet (4,876 meters) above Oregon. The Federal Aviation Administration announced this shortly afterwards more supervision from Boeing and Spirit.
The Ministry of Justice said in a Can file a lawsuit that Boeing violated the terms of a 2021 settlement that allowed the company to avoid prosecution for actions that preceded it two fatal crashes involving the company’s 737 Max jetliners more than five years ago.
The Ministry of Justice does Inducing Boeing to plead guilty The company is accused of criminal fraud in connection with two fatal plane crashes involving 737 Max jets, according to several people who heard federal prosecutors discuss a proposed offer on Sunday.
Boeing has until the end of the week to accept or reject the offer, which would involve the giant airline agreeing to an independent regulator that would oversee its compliance with anti-fraud laws, they said.
