Maybe the
beleaguered Boeing Company isn’t so beleaguered after all.
Despite its
well-documented protocol and safety issues in the wake of the January 5
incident in which a door panel blew off an Alaska Airlines plane manufactured
by Boeing, and despite nearly a half-dozen federal investigations, Boeing found
the time, and $4.7 billion, to purchase Spirit
AeroSystems.
Spirit
AeroSystems was formerly a part of Boeing before being spun off into its own
company. It makes the fuselage for airplanes. It is not affiliated with Spirit
Airlines.
This is an
all-stock deal if you’re wondering about the money portion.
“Among the
many actions we’re taking as a company, this is one of the most significant in
demonstrating our unwavering commitment to strengthen quality and make certain
that Boeing is the company the world needs it to be,” Boeing CEO Dave Calhoun
said in a message to employees.
The deal
was officially announced on Monday; Spirit’s
shares closed Friday at $32.87 a share. Calhoun said he expects the deal to
close next year pending regulatory approval.
Spirit
AeroSystems had been a part of Boeing for almost 20 years and even though it
was its own company it still drew almost 70 percent of its revenue from Boeing.
Ironically, Spirit CEO Pat Shanahan is considered a
possible successor for Calhoun, who said he would step down at the end of the
year.
Boeing was
under fire again this week after
it said that missing paperwork led to the
Alaska Airlines incident.
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