Boeing has agreed to acquire longtime fuselage supplier Spirit AeroSystems for $4.7B as part of efforts to improve the aerospace company's plane quality and safety. The deal comes as both companies have been under scrutiny (see timeline) after a midair door panel blowout on an Alaska Airlines flight in January.
The Wichita, Kansas-based Spirit AeroSystems was previously owned by Boeing until a spin-off in 2005. Last year, Boeing accounted for 70% of the supplier's revenue. Under the all-stock deal, Spirit AeroSystems will spin off factories that produce parts for Boeing's European rival, Airbus. The transaction is subject to approval from regulators and Spirit AeroSystems' shareholders. It is expected to close by the middle of next year.
Separately, the Justice Department is reportedly preparing to present Boeing with a plea deal to avoid trial over fraud conspiracy charges tied to the deaths of 346 people killed in two crashes in 2018 and 2019.
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