European aircraft maker Airbus announced on Monday it reached a final deal to buy some assets of struggling U.S. subcontractor Spirit AeroSystems, whose core business is being taken over by rival Boeing.
Airbus had announced almost a year ago its plans to acquire some operations of Spirit AeroSystems, which supplies fuselages, wings and other components to aircraft makers.
At the time, Airbus said the deal aimed to "ensure stability of supply for its commercial aircraft programmes through a more sustainable way forward".
The European group said on Monday it would take over Spirit sites in Kinston, North Carolina; St Nazaire, France; and Casablanca, Morocco.
It will also acquire production of fuselage, wings and other components in Wichita, Kansas; Belfast, Northern Ireland; and Prestwick, Scotland.
Airbus will receive $439 million in compensation from Spirit AeroSystems to take over the sites, lower than the $559 million figure announced in July last year.
Boeing announced last year a deal to acquire Spirit AeroSystems for $4.7 billion, bringing back in house a key supplier that it had spun off in 2005.
Spirit AeroSystems reported losses of $616 million in 2023.
In a statement, Spirit AeroSystems said the transaction with Airbus is expected to close in the third quarter of the year.
"For many years, Spirit's collaboration with Airbus allowed us to deliver aerostructures for some of their most important aircraft programs," said Spirit AeroSystems Executive Vice President Irene Esteves said in the statement.
"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," Esteves said.
Both transactions are subject to regulatory approvals.
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