Mon, Nov 02, 2020
The Acquired Bombardier Operations Employ Approximately 3,300 People At Three Sites
Spirit AeroSystems has recently completed, through its wholly-owned subsidiaries Spirit AeroSystems, Inc. and Spirit AeroSystems Global Holdings Limited, its acquisition of select assets of Bombardier aerostructures and aftermarket services businesses in Belfast, Northern Ireland; Casablanca, Morocco; and Dallas, United States.
"We are excited to finalize this strategic and transformational acquisition," said Spirit AeroSystems President and CEO Tom Gentile.
"The acquired sites bring expertise in engineering, innovation and advanced composites, and also aligns with our strategic priorities. With the addition of these sites, Spirit acquires the entire work package for the A220 wing manufacturing processes and technology, which are critical for the future of next-generation aircraft, and doubles our global world-class aftermarket services business."
The acquired Bombardier operations employ approximately 3,300 people at three sites comprising approximately 3.4 million square feet. The backlog of work includes long-term contracts on the Airbus A220 and Bombardier business jets, along with world-class aftermarket services at two of the acquired sites.
At closing, Spirit/Spirit UK paid $275 million to Bombardier, and acquired certain liabilities as previously disclosed including the Short Brothers plc pension scheme and financial payment obligations under a repayable investment agreement between Short Brothers and the United Kingdom's Department for Business, Energy and Industrial Strategy.
On the first anniversary of closing, Spirit will make a special contribution of approximately $130 million to the Shorts pension scheme. The total enterprise valuation of the acquisition is $865 million.
More News
Also: SkyReach Parts Support, Piper Service Ctr, Airliner Near-Miss, Airshow London The Judge overseeing Icon's convoluted Chapter 11 process has approved $9 million in Chapter 11 >[...]
ILS PRM Approach An instrument landing system (ILS) approach conducted to parallel runways whose extended centerlines are separated by less than 4,300 feet and at least 3,000 feet >[...]
Aero Linx: FlyPups FlyPups transports dogs from desperate situations to fosters, no-kill shelters, and fur-ever homes. We deliver trained dogs to veterans for service and companion>[...]
Also: Skydio Chief, Uncle Sam Sues, Dash 7 magniX, OR UAS Accelerator US Secretary of the Air Force Frank Kendall was given a turn around the patch in the 'X-62A Variable In-flight>[...]
Also: NBAA on FAA Reauth, DJI AG Drones, HI Insurance Bill Defeated, SPSA Airtankers The Beechcraft Denali continues moving forward towards certification, having received its FAA T>[...]