Newscasts - Airbus strikes deal to carve up Spirit Aero with Boeing
28/04/2025 07:27
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_gyc27ald&referenceId=tag:reuters.com,2025:newsml_RW973928042025RP1_930&pageId=Newscasts Source: 'Reuters - Business videos' Description: Europe's Airbus has finalized an agreement to take some assets from Spirit AeroSystems, both companies said late on Sunday, completing a critical part of a transatlantic carve-up of the struggling supplier with U.S. rival Boeing. Julian Satterthwaite reports. Short Link: https://refini.tv/4lQEMma Video Transcript: Airbus has agreed a deal to take on some of the assets of key aerospace industry supplier Spirit AeroSystems, that’s part of a carve-up with rival Boeing. The US giant agreed last year to buy back the aircraft parts maker for $4.7 billion in stock. It used to own Spirit but spun it off two decades ago. Now, it’s trying to reassert control over its supply chain as part of moves to improve quality control. Boeing has been under scrutiny following a series of incidents with its best-selling 737 MAX jet, for which Spirit makes the fuselages. But the reacquisition had faced a potential roadblock. Airbus too gets major parts from Spirit, and didn’t want to be dependent on a firm owned by its arch-rival. Now, it’s been agreed that the European company will take on several facilities. That includes some or all of plants in North Carolina, Northern Ireland, and Scotland. All three make critical parts for its jets. As part of the deal, Airbus will also provide Spirit with a $200 million credit line. Airbus said earlier this month that the company would conclude a deal by the end of April, while Boeing’s side is expected to close by mid-year. Last year, Spirit had warned its ability to keep going could be in danger if it didn’t get help.