Spirit AeroSystems has been a key player in producing parts for aircraft such as the Airbus A220 and A350. However, recent developments have led to major changes in the company’s ownership structure. Following a blowout involving Alaska Airlines in January, Boeing has agreed to acquire the bulk of Spirit AeroSystems for $4.7 billion.
As part of this deal, Airbus has also agreed to acquire certain assets from Spirit AeroSystems for a symbolic $1 price tag. Specifically, these assets relate to the production of key components for Airbus aircraft, including A350 fuselage sections, pylons, wings, and mid-fuselage for A220 jets. In addition to the $1 acquisition cost, Airbus will also be compensated with $559 million from Spirit AeroSystems.
This isn’t the first time Airbus has acquired assets at a low cost. In 2018, the planemaker bought a 50% stake in the Bombardier CSeries, later increasing its ownership to 75% in a $591 million deal.
The decision to purchase assets from Spirit AeroSystems comes in the aftermath of a major incident involving a 737 Max aircraft that lost its door plug midair. The National Transportation Safety Board’s preliminary report indicated that damaged rivets were sent by Spirit to Boeing’s factory, causing the door plug to be opened but not bolted back into place before delivery to Alaska Airlines.
The fallout from this incident has led to Boeing CEO Dave Calhoun announcing his resignation and the Justice Department considering criminal charges against Boeing. As the industry grapples with these challenges, the acquisition of assets from Spirit AeroSystems by both Boeing and Airbus is poised to have significant implications for the future of aviation manufacturing.