Boeing officials announced on Monday its plans to acquire Spirit AeroSystems, its struggling fuselage maker, in an all-stock transaction aimed at enhancing safety and quality control. Boeing has agreed to offer $37.25 per share in Boeing stock for Spirit, valuing the aerospace company at approximately $4.7 billion. Including Spirit’s debt, the total transaction value is estimated at $8.3 billion. Spirit’s shares closed at $32.87 on Friday, resulting in a market capitalization of about $3.8 billion.
The acquisition follows Boeing’s disclosure in March about its negotiations to acquire the Wichita, Kansas-based company, shortly after a fuselage panel from a nearly new Boeing 737 Max 9 aircraft blew out midair on an Alaska Airlines flight, triggering a new crisis for Boeing. Spirit AeroSystems manufactures fuselages for the 737 and other components, including sections of Boeing’s 787 Dreamliners.
Spirit AeroSystems originated from Boeing’s 2005 spin-off of its operations in Kansas and Oklahoma. Last year, Boeing accounted for approximately 70% of Spirit’s revenue, with around 25% derived from parts production for Boeing’s main competitor, Airbus.
Boeing CEO Dave Calhoun, who plans to retire at the end of the year, expressed that integrating Spirit AeroSystems will “fully align” the production systems and workforces of both companies. “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 ensure that Boeing is the company the world needs it to be,” Calhoun conveyed in a message to employees.
The acquisition is expected to close by mid-2025, pending regulatory approval, Spirit shareholders’ consent and the divestiture of Spirit’s Airbus-dedicated operations. Spirit’s CEO, Pat Shanahan, is considered a potential successor to Calhoun. In parallel, Airbus announced an agreement with Spirit in which Spirit will compensate Airbus $559 million for its manufacturing lines dedicated to Airbus planes. It includes operations in Belfast, Northern Ireland, where the A220 wings and mid-fuselage are produced, A220 pylons in Wichita, Kansas, and A350 fuselage sections in North Carolina.
