Latest news with #SpiritAeroSystems
The Standard
4 days ago
- Business
- The Standard
US judge sets August hearing on bid to end Boeing criminal prosecution
Airplane fuselages bound for Boeing's 737 Max production facility await shipment at Spirit AeroSystems headquarters in Wichita, Kansas, U.S. December 10, 2024. REUTERS/Nick Oxford/File Photo
Irish Times
4 days ago
- Business
- Irish Times
Belfast's Spirit AeroSystems losses hit €430m
Losses at aircraft parts maker Spirit AeroSystems ' Belfast business topped €430 million last year, new figures show. The aerospace multinational owns Shorts Brothers in Belfast, which rival aircraft manufacturers Airbus and Boeing look poised to share in a break up of the company sparked by the latter's bid for Spirit. Accounts filed by Short Brothers plc show it lost $504.1 million (€436 million) last year, about 50 per cent more than the $338 million loss the company reported for 2023. The historic plant, which makes wings and other parts for aircraft manufacturers, has been caught up in US giant Boeing's $4.7 billion takeover of Spirit Aerospace Systems. READ MORE Boeing recently confirmed that it would take over part of the Shorts facility as a consequence. That means it will share the Belfast complex with European manufacturer Airbus, its main rival in global commercial aircraft production. Airbus agreed earlier this year to take over part of the business that makes wings for its A220 jets, and said it would, if necessary, take on another element that produces part of the fuselages for the same model. About people 3,500 people work in Shorts. The Airbus deal secured 1,500 of those jobs, but doubts remain about the remaining 2,000, who work on making parts for Boeing and other aerospace manufacturers including Bombardier and Rolls-Royce. Boeing's statement confirming its move earlier this month gave no indication about its plans for that section of the workforce. The Belfast plant's former owner, Canadian manufacturer, Bombardier, which is also among its customers, had been in the running to take on the parts of the business that were not part of the Airbus agreement. Shorts Brothers figures show that turnover grew 11 per cent last year to almost $805 million, from $723 million in 2023. A $260 million charge for the likely cost of fulfilling contracts after taking inflation, disruption to supplies and other costs, added to its costs, as did more than $140 million in exceptional costs, including a fall in the value of assets. Net liabilities grew $488 million to $944 million on December 31st. The company blamed onerous contract provisions, asset impairments, intercompany loans and other costs for this. An assessment of the company's ability to continue as a going concern notes that it has commitments to deliver wings to Airbus up to September next year. It points out that high costs and other barriers make it difficult for aircraft manufacturers to switch suppliers during the course of a contract. Airbus has already indicated that it intends to continue supporting the Shorts operation. Ownership of the Belfast site has passed from the UK government to Bombardier and then to Spirit over decades. The current carve up stems from Boeing's move to reacquire Spirit, which the US giant off in 2005.
BBC News
02-07-2025
- Business
- BBC News
Boeing set to take over some Spirit operations in Belfast
US plane manufacturer Boeing looks set to take over part of Spirit's Belfast operation as no other buyer has yet been development was first reported by the Financial Times which suggested talks to find a potential other buyer had not AeroSystems is Northern Ireland's most significant manufacturing employer, with about 3,500 April, Airbus finalised a deal to take over another part of the Spirit operation in Belfast. Spirit business break-up The deal was first announced in July last year as part of a wider break-up of the Spirit that time, it was announced that the non-Airbus part of the operation would transfer to Boeing unless a third-party buyer was found before closing the had raised concerns over any break up of the Belfast operations saying it should "remain as one identity".Spirit spokesman Joe Buccino said the A220 wing and A350 engineering programmes were expected to transfer to added that if a suitable third-party buyer was not secured for the remainder of the Belfast site, the A220 mid-fuselage program would transfer to Buccino confirmed no suitable third-party buyer had been secured for the remaining Belfast operations to date, and it was "expected" to transfer to is not yet clear what impact if any this will have on workforce numbers, but it is understood the company met unions on Tuesday. The Unite trade union said their priority was "making sure jobs, pay and conditions are secure" for their members and the investment needed for developing their skills base is delivered. Regional secretary at Unite Susan Fitzgerald said they would be following up with Boeing "to ensure any next steps are in the interest of workers and the future of Northern Ireland's aerospace sector". Who is taking over Spirit AeroSystems Belfast? In Belfast, Airbus will take ownership of the A220 wing manufacturing and assembly A220 mid-fuselage work package will also transfer to Airbus if a buyer for the remainder of the Belfast site is not found prior to closing of the deal later this Airbus spokesperson said: "No such agreement has yet been reached and closing the transaction is now business critical for all parties."Our immediate priority is to welcome the transferring employees into the Airbus family and stabilise production."The part of the business that will transfer to Boeing, or could be divested to a third-party by Spirit, mostly involves work on a range of Bombardier business wider global business is being carved up between Boeing and Airbus, the world's largest aircraft was founded in 2005 when part of Boeing's business was spun off as a separate break-up deal was initiated by Boeing which wants to bring Spirit back in house as part of its efforts to tackle manufacturing problems.A Boeing spokesperson said taking ownership of some production in Belfast was a possible outcome they have known for "some time" and they will "warmly welcome Shorts Brothers Belfast to the Boeing family".
Time of India
02-07-2025
- Business
- Time of India
Boeing set to acquire Spirit's Northern Ireland plant, Infra News, ET Infra
Advt Boeing is set to take over the non-Airbus portion of Spirit AeroSystems ' operations in Belfast, Northern Ireland, after attempts to find a buyer for the site fell through, a Spirit spokesperson said on April, European planemaker Airbus finalized a deal to acquire several Spirit AeroSystems facilities tied to its aircraft the terms of the agreement Spirit reached with Airbus, the engineering programs for the A220 wing and A350 engineering program are expected to transfer to the European planemaker, Spirit Aero spokesperson Joe Buccino told Reuters."If a suitable third-party buyer is not secured for the remainder of the Belfast site, the A220 mid-fuselage program transfers to Airbus, with the remaining Belfast operations transferring to Boeing."Last year, Boeing agreed to buy back Spirit in a $4.7 billion all-stock deal, aiming to streamline its operations and improving quality control , years after spinning off the key no buyer secured for the remaining Belfast operations, the facility is now expected to be transferred to Boeing, Buccino said.A Boeing spokesperson told Reuters that the company "remains committed to its acquisition of Spirit AeroSystems" and that "taking ownership of Belfast is an outcome we've known was a possibility for some time."The site also produces aerostructures components for Bombardier business jets. The Canadian planemaker is "very actively engaged with all parties to ensure continuity and quality," company spokesperson Mark Masluch told Reuters."We remain open to all solutions regarding the site's future," Masluch added, not fully ruling out a potential acquisition.
Reuters
01-07-2025
- Business
- Reuters
Boeing set to acquire Spirit's Northern Ireland plant, spokesperson says
July 1 (Reuters) - Boeing (BA.N), opens new tab is set to take over the non-Airbus portion of Spirit AeroSystems' (SPR.N), opens new tab operations in Belfast, Northern Ireland, after attempts to find a buyer for the site fell through, a Spirit spokesperson said on Tuesday. In April, European planemaker Airbus ( opens new tab finalized a deal to acquire several Spirit AeroSystems facilities tied to its aircraft programs. Under the terms of the agreement Spirit reached with Airbus, the engineering programs for the A220 wing and A350 engineering program are expected to transfer to the European planemaker, Spirit Aero spokesperson Joe Buccino told Reuters. "If a suitable third-party buyer is not secured for the remainder of the Belfast site, the A220 mid-fuselage program transfers to Airbus, with the remaining Belfast operations transferring to Boeing." Last year, Boeing agreed to buy back Spirit in a $4.7 billion all-stock deal, aiming to streamline its operations and improving quality control, years after spinning off the key supplier. With no buyer secured for the remaining Belfast operations, the facility is now expected to be transferred to Boeing, Buccino said. A Boeing spokesperson told Reuters that the company "remains committed to its acquisition of Spirit AeroSystems" and that "taking ownership of Belfast is an outcome we've known was a possibility for some time." The site also produces aerostructures components for Bombardier ( opens new tab business jets. The Canadian planemaker is "very actively engaged with all parties to ensure continuity and quality," company spokesperson Mark Masluch told Reuters. "We remain open to all solutions regarding the site's future," Masluch added, not fully ruling out a potential acquisition. The news was first reported by the Financial Times earlier in the day.
