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Airbus and Boeing have reached an agreement to divide the assets of Spirit Aerosystems, a supplier that produces aircraft fuselages and components for both manufacturers. Spirit Aerosystems, which was once a part of Boeing, faces significant financial challenges amid ongoing crises affecting both Boeing and Spirit itself.
Last year, it was determined that Boeing would reacquire Spirit Aerosystems, assuming $3.5 billion in debt and compensating existing Spirit shareholders with Boeing stock. This stock package was valued at approximately $4.7 billion in mid-2024. However, complications arose due to Spirit's role as a supplier for Airbus, which posed competitive concerns for Boeing in fully absorbing Spirit.
To navigate this issue, Airbus will take over a substantial portion of Spirit's operations that cater to Airbus projects. If Spirit is unable to find a buyer for its remaining assets, Airbus will also acquire these operations. It has been reported that a third party may already be interested in purchasing a manufacturing facility in Malaysia.
In terms of the Airbus arrangement, the company does not need to make a direct payment for the operations it will assume, as these segments are expected to generate $439 million in capital. Despite this, Airbus is also providing a $200 million interest-free credit line to support Spirit through its financial difficulties.
According to Airbus, the facilities being acquired include those producing fuselages for the A350 in France and the U.S., as well as wing components for the A320 and A350 in Scotland. Additionally, Spirit's facility in Casablanca, which manufactures parts for the A321 and A220 (formerly Bombardier's CS series), will also be included in the transfer. The production of A220 engine mounts in the U.S. and A220 wings in Northern Ireland will be taken over, while efforts will be made to find a buyer for the remaining A220 fuselage production operations. Should no buyer emerge, Airbus will assume responsibility for these as well.
Spirit Aerosystems is facing multiple issues contributing to its current predicament. The company was forced to lay off thousands of employees after Boeing temporarily halted production due to safety concerns related to the 737 MAX and 787 models. Additionally, Spirit has encountered significant production issues of its own. Furthermore, it has entered into contracts with Airbus that have resulted in financial strain.
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Health Insurance in Germany is compulsory and sometimes complicated, not to mention expensive. As an expat, you are required to navigate this landscape within weeks of arriving, so check our FAQ on PKV. For our guide on resources and access to agents who can give you a competitive quote, try our PKV Cost comparison tool.
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