Airbus finalises deal to take over certain Spirit assets

(Sharecast News) - Airbus and Spirit AeroSystems announced on Monday that they have finalised an agreement to transfer ownership of certain assets and production sites to the European aerospace corporation as part of Spirit's acquisition by Boeing. The agreement will see Airbus take on certain sites from the US supplier in North Carolina, St Nazaire and Casablanca, as well as the production of certain A220 components in Kansas and Belfast, and A320 and A350 components in Prestwick.

Spirit had agreed to be bought by Boeing last summer for $4.7bn, with Airbus agreeing to take ownership of several of Spirit's loss-making operations in Europe.

At the time, a $599m compensation figure had been given, though this was revised lower to $439m due to revised transaction terms.

"For many years, Spirit's collaboration with Airbus allowed us to deliver aerostructures for some of their most important aircraft programs," said Irene Esteves, Spirit's executive vice president and chief financial officer.

"Entering into this agreement is a significant milestone as we work towards the closing of the Boeing acquisition, to the benefit of Spirit, its stockholders and other stakeholders."

The deal will also see Airbus provide Spirit with non-interest bearing lines of credit in an aggregate amount of $200m.

Airbus shares were up 1.7% at €142.92 by 1008 in Paris.