Boeing has announced plans to buy back Spirit Aero, a manufacturer of parts for its 737 and 787 planes, in an all-stock deal worth $4.7 billion, according to Reuters. The acquisition will bring Spirit AeroSystems back into Boeing’s fold, which was previously a Boeing subsidiary before being spun off in 2005.
Boeing’s stock has fallen more than 27% this year due to ongoing safety concerns following a series of manufacturing issues that have affected the aviation industry. The acquisition is aimed at improving the production of Boeing’s aircraft and addressing these concerns.
The deal is expected to be officially announced on Monday, with Spirit AeroSystems’ Europe-focused operations being sold to Airbus as part of the agreement. The acquisition comes amid ongoing fraud charges related to violations of a deferred prosecution agreement following two fatal crashes involving Boeing planes in 2018 and 2019.
Overall, the acquisition of Spirit Aero is part of Boeing’s efforts to address safety concerns and improve the production of its aircraft. The deal is set to be officially announced on Monday, pending approval from regulators and other stakeholders.
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