Boeing announced plans to buy back the bulk of supplier Spirit AeroSystems for $4.7 billion, and Airbus said it would purchase Spirit operations related to the European aerospace giant.
Boeing announced plans to acquire Spirit AeroSystems for $4.7 billion in an all-stock transaction. Spirit is part of the aerospace giant's supply chain. Boeing , located in Arlington, Virginia, announced the purchase in a statement early Monday. Spirit is headquartered in Wichita, Kansas.At about the same time, European aerospace giant Airbus said it had entered into an agreement to buy 'major activities related to Airbus ' from Spirit.
The purchase of Spirit would reverse a longtime Boeing strategy of outsourcing key work on its passenger planes. That approach has been criticized as problems at Spirit disrupted production and delivery of popular Boeing jetliners, including 737s and 787s. Concerns about safety came to a head after the Jan. 5 blowout of a panel on an Alaska 737 Max 9 at 16,000 feet over Oregon. The Federal Aviation Administration soon after announced increased oversight of Boeing and Spirit.
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