Airbus announces agreement to acquire parts of Spirit AeroSystems

July 1, 2024 in Business, Companies, Technology & Telecoms, Travel & Tourism by Editor

Airbus says it has entered into a binding term sheet agreement with aerostructures maker Spirit AeroSystems, over “a potential acquisition of major activities related to Airbus, notably the production of A350 fuselage sections in Kinston, North Carolina, U.S., and St. Nazaire, France; of the A220’s wings and mid-fuselage in Belfast, Northern Ireland, and Casablanca, Morocco; as well as of the A220 pylons in Wichita, Kansas, U.S.”

Airbus says it aims to use the acquisition to stabilize part of the supply chain for its commercial aircraft programmes “through a more sustainable way forward, both operationally and financially, for the various Airbus work packages that Spirit AeroSystems is responsible for today.”

The transaction is worth some $559 million in compensation from Spirit AeroSystems to Airbus, for a nominal consideration of $1.00, subject to adjustments including based on the final transaction perimeter.

“Entering into definitive agreements remains subject to an ensuing due diligence process. Whilst there is no guarantee that a transaction will be concluded, all parties are willing and interested to work in good faith to progress and complete this process as timely as possible,” the airframer said in a statement July 1.