WICHITA, Kan., Jan. 31 (UPI) -- Kansas-based Spirit AeroSystems Inc. Tuesday said it was paying $142 million to buy the aerostructures business of Britain's BAE Systems PLC.
After the deal closes the entity that makes structural components chiefly on wings will be known as Spirit AeroSystems (Europe) Ltd. The company's products are similar to that of Spirit's business unit in Tulsa, Okla., but on different airplane programs.
More than 80 percent of BAE Systems Aerostructures' revenue is earned on Airbus airplanes, including the A320 family, the A330 and the A340. The remainder is from the Boeing 767 and 777, and from the Raytheon Hawker 800XP.
Spirit expects to complete the transaction in the first half of 2006. Completion is subject to certain conditions, including the receipt of required regulatory approvals.
Spirit AeroSystems is the world's largest independent supplier of structures for commercial aircraft. Formed by Onex Corp. in June 2005,
Spirit continues its work on designing and building part of every Boeing commercial aircraft currently in production, except the 717. Spirit also designs and builds aircraft production tooling, has composite capabilities, and provides spares and aftermarket support to airlines.
